Buying your first home with KiwiSaver

First home withdrawal

If you're a first-home buyer, you may be able to use your KiwiSaver account to help fund your purchase.

You're eligible to make a withdrawal if you meet all of the following criteria:

• You have been in a KiwiSaver scheme for three years

It pays to set up your KiwiSaver account as soon as possible. Even if you're not currently looking at houses, it's a good idea to start working off that three-year waiting period so that when the time is right, you'll be able to make your withdrawal when you need to.

• You are buying your first home (including land, and land and build packages)

You are not eligible if you have owned a home, or land before. If you’ve already owned a home or land before – you may be eligible as a qualifying previous home owner. The section below ‘if you have previously owned a property’ has more information.

• You will not be able to make a withdrawal if you have previously made a KiwiSaver first home withdrawal
• The property is in New Zealand

You must also intend to live in the house. If you’re buying a property as an investment, you won't be eligible to make a first home withdrawal.

Other things to keep in mind:

• You need to leave $1,000 in your KiwiSaver account
• You can't use any money that you've transferred to your KiwiSaver account from an Australian superannuation scheme.
• It will take us up to ten working days to process your request for a first home withdrawal. If you are organising finance for a house or land purchase (such as settling on a purchase and/or payment of deposit), please get in touch with us as soon as possible.
• If you are purchasing land to build a home on which you intend to live in, your KiwiSaver first home withdrawal will need to be used for the deposit or as part of the settlement funds when you buy the land.