Using Your KiwiSaver

If you’re eligible, using your KiwiSaver savings to put towards purchasing your first home is a great way to get a bigger deposit.

The KiwiSaver scheme is a New Zealand voluntary long-term savings scheme which came into operation from Monday, 2 July 2007.

The main purpose of the KiwiSaver fund is for retirement savings, but participants can also use it to save a deposit for their first home. You must have been a KiwiSaver member for three or more years and then you may be able to withdraw most of your KiwiSaver savings (provided you leave a minimum balance of $1,000 in your account) to put towards purchasing your first home.

using your kliwisaver

Making A First Home Withdrawal

You must have been a KiwiSaver member for three or more years. You can only withdraw money to purchase your first home – not an investment property.

If you have owned a home before, in some circumstances you may still be eligible to withdraw your savings. This is known as a second chance and there are some restrictions on this.

What Can You Withdraw?

If you’re eligible, you may be able to withdraw most of your KiwiSaver savings to put towards purchasing your first home.

Your KiwiSaver withdrawal may include:

  • your members contributions
  • any employer contributions (voluntary and compulsory)
  • any returns on investment(s) received
  • any member tax credits.

Funds transferred from an Australian Complying Superannuation scheme cannot be withdrawn for the purchase of a home.

You must leave a minimum balance of $1,000 in your account.

How To Apply For A First Home Withdrawal

It is a simple process to make a first home withdrawal and you should contact your KiwiSaver provider to check what is available before beginning the purchase process.

If you fit the criteria you may also be eligible for a HomeStart Grant. CLICK HERE to read more about the HomeStart Grant and criteria.

Contact an adviser who can help you understand how you can use your KiwiSaver to make getting into your first home easier.

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