First home withdrawal

Owning your own home is the Kiwi dream. KiwiSaver can help to bring that dream closer to reality.

If you have been in KiwiSaver, or a complying superannuation fund, for at least three years you may be able to use your KiwiSaver towards the deposit or the payment for settlement of a house in New Zealand. However, $1,000 plus any amount transferred from an Australian complying superannuation scheme must remain in your account.


Are you eligible?

You’ll need to meet some criteria to withdraw your KiwiSaver for the purchase of a first home. 

For a start you must have been a member of a KiwiSaver scheme or complying superannuation fund for at least three years, plus:

  • Inland Revenue received a contribution from you at least three years ago
  • You intend to live in the house
  • You’ve never owned property before – although in some circumstances, previous home owners may be eligible for the first home withdrawal under the ‘second chance’ scheme - see Previous home owners
  • You’ve never received a KiwiSaver first home withdrawal previously

If you’re buying land to build a house on, your KiwiSaver savings can only be used towards the land purchase, and not the cost of building the house.


Have you previously owned a home?

Even if you’ve owned a home before, you may still be eligible, if you are in the same financial situation, in terms of assets, as a first home buyer. 

The withdrawal is administered through your KiwiSaver scheme provider. First, Kāinga Ora will need to see if you meet the following criteria: 

  • You have not received the First Home Grant and/or withdrawal before
  • You do not have realisable assets totalling more than 20% of the house price cap for the area you are buying in. Kāinga Ora considers the following to be realisable assets:
    • Money in bank accounts and other financial institutions
    • Shares, stocks and bonds
    • Boat or caravan (if the value is over $5,000)
    • Vehicles (such as classic motorbikes or cars – not being used as your usual method of transport)
    • Money already paid to a real estate agent
    • Other assets valued over $5,000
  • You meet the house price caps, and other eligibility criteria administered by Kāinga Ora.


Withdrawal process

Simply complete the first or second chance home withdrawal form and give it to your solicitor who will submit the application to us on your behalf, with the following supporting documents:

  • Signed solicitor’s certificate
  • A copy of the solicitors bank deposit slip
  • A copy of the unconditional sale and purchase agreement

Please make sure your application is with us at least 10 working days before settlement.

The funds will be paid directly to your solicitor’s trust account prior to settlement.  If for any reason the purchase does not go ahead, your solicitor will repay the funds back to us and we will credit them back into your Summer KiwiSaver scheme account.


So, does this sound like you? If you would like to apply for a First Home Withdrawal from KiwiSaver, let's get the paperwork underway!