If you have never owned a home and you have been a KiwiSaver member for at least three years, you may be able to use your KiwiSaver savings to help buy your first home.
You can withdraw some or all your contributions (including any Employer and Government contributions), except for a minimum of $1,000, and any funds you may have transferred over from an Australian superannuation fund, which need to stay in your KiwiSaver account.
While KiwiSaver first home withdrawals are generally reserved for first-time buyers only, there are some cases where previous home-owners can apply for a ‘second chance’ withdrawal – see details here.
How to apply for a KiwiSaver first home withdrawal?
Before applying for a KiwiSaver first-home withdrawal, your bank may require evidence of your KiwiSaver balance. You can download your first-home withdrawal eligibility letter through your Generate account.
You will also need to confirm that you meet the eligibility criteria for a first home withdrawal:
- You have been in KiwiSaver (or a complying superannuation fund) for at least three years.
- You have not made a withdrawal from KiwiSaver to purchase a home or land before.
- You intend to live in the house, or in the house you will build on the land you are purchasing.
- You are a first-time buyer or have a determination from Kainga Ora to be in the same financial position as a first-time home buyer, and eligible for a ‘second-chance’ withdrawal.
If you meet these criteria, download and complete the following application form:
First Home KiwiSaver Grant
If you are a first-time home buyer or a previous homeowner and you have been making regular KiwiSaver contributions for 3-5 years, you may be eligible for a First Home Grant of up to $10,000.
You can apply for the first home grant through Kainga Ora. For more information regarding how to apply, click here.
Second chance withdrawals
If you are a previous homeowner but have not made a KiwiSaver first home withdrawal previously, you may be eligible for a second chance home withdrawal.
To apply for a second chance home withdrawal, you need to meet the criteria for first home withdrawal as listed above, and you will also need approval from Kainga Ora confirming that your financial situation is similar to a first home buyer.
To apply for approval from Kainga Ora, click here.
Once approved by Kainga Ora, provide their approval letter to us, along with the other documents listed above. We also recommend that you consult with your solicitor or your conveyancing practitioner regarding your eligibility.