KiwiSaver for First-Home Withdrawal

How to Use KiwiSaver for your First Home Purchase

An Overview of KiwiSaver

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home.

Eligible members can withdraw their KiwiSaver savings (including tax credits). However at least $1,000 must remain in their KiwiSaver account.

You must intend to live in the property. It cannot be used to buy an investment property.

If you are a member of a complying fund, you may be able to withdraw your savings to help you buy your first home.

Not all complying funds permit withdrawals for this purpose, so you will need to discuss this with the trustees of your complying fund.

If you decide to transfer your Aussie Super to KiwiSaver, some of the benefits associated with the KiwiSaver scheme won’t apply to your Australian Super funds.

This includes the ability to access the funds for a first home purchase, although any gains you make once the funds are in your KiwiSaver account can be used.

What do I need to do to apply for a first-home withdrawal?

If you are a first-home buyer, please contact your KiwiSaver provider or complying fund provider to check how much you have available to withdraw for a new home purchase. Ask for email confirmation.

You can then withdraw for your purchase deposit for your new home and/or settlement funds for your new home.

You will need to complete the withdrawal forms with your solicitor.

The kiwi saver funds will then be credited into your solicitor’s trust account and then dispersed as required.

Some solicitors charge for this service while others will do it as part of the conveyancing.

You do not need to apply for this through Housing New Zealand.

If you need KiwiSaver application forms, please contact me.

What do I need to do to apply for a Home start grant for an existing home?

What do I need to do to apply for a Home start grant for a new build?

What do I need to do to apply for a second chance KiwiSaver withdrawal?

Additional information for first home buyers

What is your KiwiSaver costing you?

Take a KiwiSaver health check;

KiwiSaver annual statements now include the fees you pay shown as dollars.

You can check whether you’re paying too much in fees with our KiwiSaver Checker tool.

The tool also helps you answer three other essential KiwiSaver questions.

Start Here KiwiSaver Health Checker

Contact me for further assistance on 0272 751 555 or visit the contact page.