KiwiSaver is a voluntary, work-based savings initiative to help you with your long-term saving for retirement. It has a range of membership benefits including contributions from your employer and the Government, as well as help with buying your first home.
KiwiSaver has two features to help you buy your first home:
The KiwiSaver HomeStart grant provides eligible first-home buyers with a grant of up to $5,000 for individuals and up to $10,000 where there are two or more eligible buyers to put towards the purchase of an existing/older home.
In addition, the KiwiSaver HomeStart grant also provides eligible first-home buyers with a grant of up to $10,000 for individuals and up to $20,000, where there are two or more eligible buyers to help with the costs of purchasing a brand new home.
Applying for both the KiwiSaver HomeStart grant and the KiwiSaver savings withdrawal determination as a previous home owner.
Recently, KiwiSaver legislation was amended to allow a greater number of KiwiSaver members, who had previously owned property, but no longer did so, to access their funds to buy property. This has resulted in a change to how some members should apply for the KiwiSaver HomeStart grant and the KiwiSaver savings withdrawal determination.
From 1 July 2016, if a KiwiSaver member who has previously owned property, but no longer does so, wants to apply for both the HomeStart grant and the savings withdrawal determination, then they must complete two separate forms. These are:
- KiwiSaver HomeStart pre-approval/approval form
- KiwiSaver first-home withdrawal determination for previous home owner form
You can no longer apply for both options from one application, as was the case prior to 1 July 2016.
This applies to both applying via the online application form and through a downloaded application form, that you can get from the Publications page of the website.
Please ensure that you apply on the relevant application form(s) in order to minimise delays. Additionally, any application submitted must be on the correct application and those that are old and obsolete will not be processed.