KiwiSaver features for previous home owners

Published: 27 July 2018

Eligibility checklist

As a previous home owner you may still be eligible for both a KiwiSaver HomeStart grant and a first-home withdrawal, providing you have not received them for a previous home purchase and meet the eligibility criteria.

It is important to note that for the first-home withdrawal you will still need to complete and submit an application directly with your KiwiSaver scheme provider. However, if you have owned property in the past you will initially need to complete a KiwiSaver savings withdrawal determination form with Housing New Zealand. We need to assess whether you are deemed to be in the same financial position as a first home buyer, before you are able to apply to withdraw your funds.

For those applying for the KiwiSaver HomeStart grant as a previous home owner, other than meeting the standard eligibility criteria, again we need to carry out an assessment of your financial position, the same as we do for the savings withdrawal.

KiwiSaver HomeStart grant

If you are applying for the HomeStart grant as a previous home owner, do you meet the following:

  • The standard eligibility criteria for the KiwiSaver HomeStart grant
  • You have not received either the KiwiSaver deposit subsidy or HomeStart grant previously
  • You no longer own any interest in property
  • You do not have realisable assets totalling more than 20% of the house price cap for an existing/older property in the area that you are looking to buy in. Housing New Zealand considers the following to be realisable assets:
    • Money in bank accounts (including fixed and term deposits)
    • Shares, stocks and bonds
    • Investments in banks or financial institutions
    • Building society shares
    • Any money paid to, or held by, the real estate agent or solicitor as a deposit on the property
    • A boat or caravan (if the value is over $5,000)
    • Additional vehicles (such as classic motorbikes or cars – not being used as your usual method of transport)
    • Other individual assets valued over $5,000

KiwiSaver first-home withdrawal determination as a previous home owner

If you are applying for a KiwiSaver first-home withdrawal determination as a previous home owner, do you meet the following:

  • You have not previously withdrawn your KiwiSaver funds to buy a home
  • You have been a member of KiwiSaver for at least three years
  • You have previously owned property, but no longer own any interest/share in property
  • You do not have realisable assets totalling more than 20% of the house price cap for an existing/older property in the area that you are looking to buy in. Housing New Zealand considers the following to be realisable assets:
    • Money in bank accounts (including fixed and term deposits)
    • Shares, stocks and bonds
    • Investments in banks or financial institutions
    • Building society shares
    • Any money paid to, or held by, the real estate agent or solicitor as a deposit on the property
    • A boat or caravan (if the value is over $5,000)
    • Additional vehicles (such as classic motorbikes or cars – not being used as your usual method of transport)
    • Other individual assets valued over $5,000

Realisable assets caps

RegionHouse price cap for existing/older propertiesRegional asset cap
Auckland $600,000 $120,000
Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District $500,000 $100,000
Rest of New Zealand $400,000 $80,000

To get Housing New Zealand to determine whether you are eligible for either or both options, you will need to complete two separate applications. Please note you are unable to apply for both options from one application form.

Get your application started(external link)

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