KiwiSaver first-home withdrawal

Published: 13 December 2018

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home.

Eligible members can withdraw their KiwiSaver savings (including tax credits). However at least $1,000 must remain in their KiwiSaver account.

You must intend to live in the property. It cannot be used to buy an investment property.

If you are a member of a complying fund, you may be able to withdraw your savings to help you buy your first home. Not all complying funds permit withdrawals for this purpose, so you will need to discuss this with the trustees of your complying fund.

What do I need to do to apply for a first-home withdrawal?

If you are a first-home buyer, please contact your KiwiSaver provider or complying fund provider to apply. You do not need to apply for this through Housing New Zealand.

If you are a previous home owner, you will still need to apply through your scheme provider; however Housing New Zealand will initially need to determine whether you are a qualifying person. If you are deemed to be in the same financial position as a first home buyer, the letter produced by Housing New Zealand will need to be forwarded to your KiwiSaver scheme provider, to assist with your application to withdraw your KiwiSaver contributions.

Find out more about being a qualifying previous home owner

The withdrawal is administered by the KiwiSaver scheme provider or relevant complying fund manager and if approved the payments of the funds will be paid to your solicitor on or before settlement day.

Housing New Zealand is only involved in the savings withdrawal if you have previously owned a home or land. If you currently own a home, land or have a share in a property, you will not be eligible for this feature.

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