Buying a home with KiwiSaver
KiwiSaver is a voluntary, work-based savings initiative to help you with your long-term saving for retirement. It has a range of membership benefits including contributions from your employer and the government, as well as help with buying your first home.
KiwiSaver offers two features to help you into home ownership:
You can use both of these features to:
- Buy a home
- Buy land to build a home on
Please note that:
It cannot be used to assist with the building costs if you already own land.
From 1 April 2013, the minimum contribution increased to 3 percent of your total income, 3 percent of the adult minimum wage (based on 40 hours per week) for non-earners or 3 percent of your yearly benefit for beneficiaries.