KiwiSaver & first home buyers

Here’s what you’ll need to do to apply:

1. Check if you’re eligible
2. Check how much you can withdraw
3. Complete a first-home withdrawal application
4. Gather supporting docs (sale & purchase, undertaking)
5. Send documents to us or your financial adviser

We can give you a statement of your current entitlement, which you may need if you’re applying for home loan pre-approval. To get this, please contact us.

If you’re a KiwiSaver member, buying your first home could be easier than you think. Two ways your KiwiSaver account could assist with buying your first home are by getting a:

• First home withdrawal
• First Home Grant

Depending on your situation, you might be able to take advantage of both ways. Bear in mind that you must meet different conditions for each.

You may be eligible for a first-home withdrawal, which will let you put your KiwiSaver savings towards the cost of buying either:

• Your first home
• Land to build your first home

If you’re eligible for a first home withdrawal, you can take out your:

• Employee contributions
• Employer contributions
• Voluntary contributions
• Investment earnings
• Government contributions, if you have any
  
  

You won’t be able to withdraw:

• All your KiwiSaver money – you must leave at least $1,000 in your account
• Any money transferred from an Australian complying superannuation scheme – although you can withdraw any investment returns made on these funds after they've been transferred to New Zealand

We can give you a statement of your current entitlement, which you may need if you’re applying for home loan pre-approval. To get this, please contact us.

You'll need to send us or your financial adviser:

• A completed Booster first home withdrawal application form 
• A copy of the agreement for sale and purchase
• An undertaking  from your solicitor relating to the holding, use and transfer of the withdrawn funds

You can get the agreement and undertaking from your solicitor or conveyancing practitioner.

You should make sure that you return your completed forms, along with all supporting documents, at least 10 working days before you need the money.

If your application is approved, the funds will be paid to your solicitor or conveyancing practitioner’s trust account. They must:

• Only pay the money to the vendor or stakeholder as part of the purchase price
• Repay the Booster KiwiSaver Scheme if the agreement is not completed by the due date or any agreed extended date.

The size of the First Home Grant depends on:

• How long you've been contributing to your KiwiSaver
• The age of the home you're buying

The First Home Grant provides eligible first home buyers with a grant of up to $5,000 for individuals and up to $10,000 for two or more eligible buyers to put towards the purchase of an existing/older home.

If you're building or buying a brand-new home, the First Home Grant provides eligible first-home buyers with a grant of up to $10,000 for individuals and up to $20,000 for two or more eligible buyers to help with the costs of purchasing a brand new home.

If you are buying a property with other people, you must be buying an equal share.

You have to provide evidence that you have a deposit of at least 5% of the purchase price of the house you want to buy or build.

This can include money:

• From your KiwiSaver first home withdrawal
• From your First Home Grant approval/pre-approval amount
• That you have saved in the bank
• You have already paid towards the property
• Gifted by a close family member

To apply for the First Home Grant, or for more information, contact Kāinga Ora - Homes and Communities.