Kiwisaver First Home Withdrawal
If you've been a member of KiwiSaver for 3 years you might be eligible to withdraw some or all of your KiwiSaver savings to put towards purchasing your first home.*
The amount you could withdraw is made up of:
- your contributions
- your employer's contributions (voluntary and compulsory)
- returns on investment, and
- any Government contributions.
*Provided you leave a minimum balance of $1,000 in your account.
How to apply for a first home withdrawal
You need to contact your Kiwisaver provider. They can help you determine your entitlement. It is up to your Kiwisaver provider to approve your first home withdrawal.
If you do not know who your Kiwisaver provider is, you can ask your employer, or you can call Kiwisaver. Ph 0800 KIWISAVER (0800 549 472).
A list of Kiwisaver providers and their contact details can be found here https://www.ird.govt.nz/kiwisaver/kiwisaver-individuals/joining-kiwisav…
If you've owned a home before
If you've owned a home before, you may still be eligible to withdraw your Kiwisaver savings to purchase your new home. It is up to Housing New Zealand to determine if you are in the same financial position as a first home buyer. https://kaingaora.govt.nz/ Contact them on 0508 935 266.
First Home Loan
First Home Loans make getting into your first home a possibility when your deposit is normally not enough. You can use the scheme to buy a house with just a 5% deposit.
First Home Loans are the same as a normal loans from a bank (and other lenders) but they are underwritten by Kāinga Ora. What this means is that the lender can approve a mortgage with only a 5% deposit when it normally couldn’t.
If you want to talk about a First Home Loan you should get in touch with one of our mortgage partners to discuss your circumstances.