Can I use my KiwiSaver?

If you are a first home buyer you can withdraw KiwiSaver contributions made by you and your employer to use as a deposit towards your new home. You can only do this if you’ve been on KiwiSaver for more than three years.

In addition, if you earn less than $130,000 and are buying for less than $600,000 you may be eligible for a HomeStart Grant of up to $5,000 per borrower.

The HomeStart Grant is $1,000 for each year you’ve been in KiwiSaver, up to a maximum of $5,000 for five years. If you’re a couple buying a house together and you both qualify for a grant, you could receive a combined grant of up to $10,000.

If you are off plan or building new then you could double your HomeStart Grant up to $20,000 for a couple.

To be eligible to withdraw some or all of your KiwiSaver you must:

  • have contributed at least 3% of your income to a KiwiSaver scheme for at least three years;
  • have a combined 10% deposit (including KiwiSaver) and
  • be buying your first home.

To get the additional subsidy, you must also:

  • be planning to live in the house for at least six months,
  • have a single income under $85,000 or a combined yearly income of $130,000 or less (before tax) two buyers,
  • be buying a house under $600,000 in Auckland, $500,000 in other major metropolitan areas, and $400,000 across the rest of New Zealand.

Getting your money out

You can now withdraw funds from your KiwiSaver to put towards your initial deposit (previously this was only possible upon going unconditional). If you have a conditional sale and purchase agreement you can choose to make your withdrawal at the point of deposit or when you settle.

If KiwiSaver isn’t an option for you, then you’ll want to make other arrangements for this amount such as a deposit bond, which we can also help you with.