KiwiSaver for first home buyers

KiwiSaver first-home withdrawal

If you’ve been a contributing member of KiwiSaver for at least three years, you may be able to withdraw your KiwiSaver to put towards your first home.  

Check the criteria to see if you're eligible:

• You’ve been a contributing member of KiwiSaver for at least three years
• You’re intending to live in the property (KiwiSaver cannot be used to buy an investment)
• You must leave a minimum balance of $1,000 in your KiwiSaver account
• The property is located in New Zealand

If you currently own land, a home, or have a share in a property, you won’t be eligible.

Applying for your KiwiSaver first-home withdrawal

It can take time for your application to be processed, so we recommend contacting Fisher Funds well in advance to find out what you will need to do to start the ball rolling. Fisher Funds will be able to give you an indication of the amount you will be able to withdraw to contribute towards your deposit. All documentation needs to be with Fisher Funds at least 10 working days before your settlement date.

1. Once you have found a home you want to buy, let your solicitor know you want to use funds from your KiwiSaver account to help with the purchase.
2. Contact Fisher Funds about applying for a first-home withdrawal and complete the Fisher Fund’s withdrawal form.
3. Take the Fisher Fund’s withdrawal form to your solicitor to complete then send it back to Fisher Funds with:
   • A copy of your certified ID;
   • Your Sale and Purchase agreement;
   • Your Solicitor’s letter; and
   • A deposit slip for your Solicitor’s trust account.

If you, and the property you intend to purchase, meet all of the criteria, the funds will be transferred to your solicitor’s trust account prior to settlement and will be paid to the vendor as part of the purchase price for an unconditional sale, or as the deposit (or part of it) if that is a condition of your sale and purchase agreement. If the agreement isn’t completed, then your solicitor will pass the funds back to Fisher Funds to be reinvested in your KiwiSaver account.

Kāinga Ora First Home Grant

If you’ve contributed for three years to your KiwiSaver you may qualify for a KiwiSaver First Home Grant. The KiwiSaver First Home Grant provides eligible first-home buyers with a grant to put towards the purchase of an existing/older home. The grant can be up to $5,000 for individuals and up to $10,000 where there are two or more eligible buyers. 

First Home Grant criteria

• You must be 18 years or over. 
• Have not received the First Home Grant or KiwiSaver deposit subsidy before. 
• You must have contributed regularly to KiwiSaver for a minimum of three years, at least the minimal allowable percentage of your total income. 
• Earned $95,000 or less (before tax) in the last 12 months as a sole buyer, or if two or more buyers – a combined income of $150,000 or less (before tax) in the last 12 months. 
• Have a deposit that is 5% or more of the purchase price. This can include the KiwiSaver first home withdrawal, First Home Grant and any other funds such as savings, or a deposit gifted by a relative. 

You can learn more about the First Home Grant criteria on the Kāinga Ora – Homes and Communities website. 

Don't forget to read this bit

Fisher Funds Management Limited (‘Fisher Funds’) is the Issuer and Manager of the Fisher Funds KiwiSaver Scheme (‘Scheme’). TSB distributes the Scheme on behalf of Fisher Funds but is not an issuer of the Scheme. You can download a copy of the Product Disclosure Statement or pick up a copy from any branch.  

Investments in the Scheme are not deposits or other liabilities of TSB. Neither TSB nor any other person guarantees (in part or full) interests in the Scheme (including the repayment of any capital value or the performance of any investment in the Scheme). Interests in the Scheme are subject to investment risk including possible loss of income and principal invested.  

Eligibility criteria, terms and conditions and fees apply.  See KiwiSaver account fees explained for more details around the different types of fees that are charged by Fisher Funds.