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.

You may also be eligible for a one-off contribution from Housing New Zealand through the First Home Grant.


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 HomeStart 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.


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!