If you’re a KiwiSaver member, buying your first home could be easier than you think. The two ways you could do this are:
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 way of withdrawing for your first home.
You may be eligible for a first-home withdrawal, which will let you put your KiwiSaver savings towards the cost of buying either:
To make a first-home withdrawal, you must meet all the following conditions. You need to:
If you have an interest in Māori land, you can make a first-home withdrawal to build a home on that land. But you must meet all of the other conditions and provide evidence that you have the right to live on the land.
You may be able to use your KiwiSaver savings to help pay your initial deposit on your first home. Your solicitor or conveyancing practitioner can advise you if you’re eligible to do this.
If you’re eligible for first-home withdrawal, you can take out your:
You won’t be able to withdraw:
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:
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:
You may also qualify for a First Home Grant (previously known as a KiwiSaver HomeStart grant).
The First Home Grant is a government contribution towards the purchase price of your first home. It is offered through Kāinga Ora - Homes and Communities.
To qualify for the First Home Grant, you must meet certain conditions. The main conditions are that you must have:
And if you're buying with someone else, or more than one person, your combined income will need to be $150,000 or less before tax.
You’ll also need to meet the rest of Kāinga Ora's eligibility conditions.
The purchase price of the home you’re buying must be within the house price caps for your region. These caps apply whether you're buying an existing home or new home.
The size of the First Home Grant depends on:
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:
To apply for the First Home Grant, or for more information, contact Kāinga Ora - Homes and Communities.
In some cases, even if you’ve owned a home before, either in New Zealand or overseas, you may still qualify for both the:
Kāinga Ora will need to decide that you're in the same financial position as a first-home buyer.
To find out if you qualify, contact Kāinga Ora - Homes and Communities.
If you have any queries or want to know more:
If you don't have a financial adviser, we can put you in touch with someone in your area.