KiwiSaver & first home buyers
Thinking about purchasing your first home? Congratulations! You might be able to use your KiwiSaver savings as your first home deposit.
How do I apply?
Here’s what you’ll need to do to apply:
- Check if you’re eligible
- Check how much you can withdraw
- Complete a first-home withdrawal application
- Gather supporting docs (sale & purchase, undertaking)
- Send documents to us or your financial adviser
We can give you a statement of your current entitlement, which you may need if you’re applying for home loan pre-approval. To get this, please contact us.
KiwiSaver and your first home
If you’re a KiwiSaver member, buying your first home could be easier than you think. You can use it for a first home withdrawal, which could help you get on the property ladder.
Depending on your situation, you might be able to take advantage of it. Bear in mind that you must meet different conditions.
First home withdrawal
You may be eligible for a first-home withdrawal, which will let you put your KiwiSaver savings towards the cost of buying either:
- Your first home
- Land to build your first home
Can you get a first home withdrawal?
To make a first home withdrawal, you must meet all the following conditions. You need to:
- Have been a member of one or more KiwiSaver schemes for at least 3 years – or it must be at least 3 years after Inland Revenue received your first contribution
- Have never owned a home or land before, either in New Zealand or overseas, except in certain cases
- Plan to live in the home
- Be in New Zealand
If you have an interest in Māori land, you can make a first home withdrawal to build a home on that land. But you must meet all of the other conditions and provide evidence that you have the right to live on the land.
How much can you withdraw?
If you’re eligible for a first home withdrawal, you can take out your:
- Employee contributions
- Employer contributions
- Voluntary contributions
- Investment earnings
- Government contributions, if you have any
If you have received government contributions when you were ineligible to, such as during a time New Zealand wasn’t your main residence, Inland Revenue will take back these contributions from your KiwiSaver account. This will reduce the amount you have available for a first home withdrawal.
You won’t be able to withdraw:
- All your KiwiSaver money – you must leave at least $1,000 in your account
- Any money transferred from an Australian complying superannuation scheme – although you can withdraw any investment returns made on these funds after they've been transferred to New Zealand
We can give you a statement of your current entitlement, which you may need if you’re applying for home loan pre-approval. To get this, please contact us.
How do you apply?
You'll need to send us or your financial adviser:
- A completed Booster first-home withdrawal application
- A copy of the agreement for sale and purchase
- An undertaking from your solicitor relating to the holding, use and transfer of the withdrawn funds
You can get the agreement and undertaking from your solicitor or conveyancing practitioner.
You should make sure that you return your completed forms, along with all supporting documents, at least 10 working days before you need the money.
If your application is approved, the funds will be paid to your solicitor or conveyancing practitioner’s trust account. They must:
- Only pay the money to the vendor or stakeholder as part of the purchase price
- Repay the Booster KiwiSaver Scheme if the agreement is not completed by the due date or any agreed extended date.