KiwiSaver First Home Withdrawal
With the KiwiSaver first home withdrawal facility you may be able to withdraw some of your KiwiSaver savings (including any employer contributions and annual Government contributions) to help you buy your first home if:
- You have been a member of KiwiSaver (or a complying superannuation fund) for three years or more;
- You have not previously made a withdrawal from a Kiwisaver scheme to buy a home;
- This will be the first time owning your own home or land;
- You intend to live in the home that you are buying (or intend to build a home to live in on the land that you are buying); and
- The property or land is located in New Zealand
KiwiSaver HomeStart Grant
After 3 years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. The grants are administered by Housing New Zealand and will be paid to your solicitor.
The two HomeStart grants are:
- For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership.
- For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.
There are maximum values of grants payable for the purchase of a single dwelling, regardless of the number of eligible purchasers:
- $10,000 for the purchase of an older/existing property
- $20,000 for the purchase of a new property
To be eligible for a KiwiSaver HomeStart grant you must:
- Have been contributing the required minimum amount to KiwiSaver for at least three years
- Be 18 years or over
- Be purchasing or building your first home
- Have a deposit that is 10% or more of the purchase price, including the addition of the grant
Note: Income and house price caps will apply. If you've owned a home before, in some circumstances you may still be eligible for KiwiSaver First Home Withdrawal/KiwiSaver HomeStart grant. Housing New Zealand will need to determine that you are in the same financial position as a first home buyer.