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.
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:
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.
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, Housing New Zealand will need to see if you meet the following criteria:
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!