Using KiwiSaver to buy your first home
A little help to get on the property ladder
If you've been a member of KiwiSaver for at least three years you may be able to use your savings to help you buy your first property in New Zealand - that property can be either (i) bare land on which you intend to build your home or (ii) an existing home and land.
If you intend to purchase land that does not have a house on it, it is important to remember that you can only use your KiwiSaver funds to put towards the purchase of that land and not towards the future costs of building the house. This is because your KiwiSaver savings can only be used in connection with the purchase of your first property and, having already purchased the land, you would no longer meet this criterion.
Also, you must leave at least $1,000 and any savings transferred from an Australian complying superannuation scheme in your KiwiSaver scheme account and you may only make one first home withdrawal (from either your current KiwiSaver scheme or from a KiwiSaver scheme to which you previously belonged).
How it works
Once you have found a property to purchase you’ll need to get a few things together before you apply for a KiwiSaver first home withdrawal. These include:
a fully completed first home withdrawal application form
a copy of the sale and purchase agreement that shows you are the purchaser of the property
a letter of undertaking from your solicitor confirming that funds withdrawn will be part of the deposit or final settlement of the property
proof of your identity verification and address
proof of your solicitor's bank account details, which is where approved funds will be paid
Already been a home owner?
In some situations, if you have owned a property (including land) before, you may still be able to make a first home withdrawal if Housing New Zealand accepts that you are in the same financial position as would be expected if you have never owned a property in the past.
Please go to the Housing NZ website to find out more about the eligibility criteria and application process.
Heard about the KiwiSaver HomeStart grant?
If you’re looking to buy or build your first home you could also be eligible to receive a KiwiSaver HomeStart grant from the government. This could help you purchase:
an existing home – a grant of up to $5,000 for individuals and up to $10,000 for couples to put towards a deposit.
a brand new home – a grant up to $10,000 for individuals and up to $20,000 for couples to help with the costs of buying or building.
The KiwiSaver HomeStart grant is administered by Housing New Zealand, it is not part of the KiwiSaver initiative, but you must be a KiwiSaver member to apply.