First home withdrawal

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

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

You’ll need to meet some criteria to withdraw from KiwiSaver for a first home purchase. You must have been a member of a KiwiSaver scheme or complying superannuation fund for at least three years, and:

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

If you’re buying land to build a home on, your KiwiSaver savings can be used towards the land purchase only, not construction costs.

Even if you’ve owned a home before, you may still be eligible if you are in the same financial position, 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 a KiwiSaver first-home 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 not used as your usual transport (e.g., classic motorbikes or cars)
  • 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

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

• Signed solicitor’s certificate
• A copy of the solicitor’s 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 the purchase does not go ahead, your solicitor will repay the funds to us and we will credit them back into your Summer KiwiSaver scheme account.

Ready to apply? Let’s get the paperwork underway with your solicitor.