KiwiSaver first-home savings withdrawal

After three years membership of a KiwiSaver scheme, you may be able to withdraw all, or part, of your savings (but not the government contributions) to put towards buying your first home. In the first instance, please contact your KiwiSaver scheme provider.

If you are a member of a complying fund, you may be able to withdraw your savings to help buy your first home. Not all complying superannuation funds permit withdrawals for this purpose, so you will need to discuss with the trustees of the complying fund you belong to.

Housing New Zealand is only involved with the savings withdrawal if you have previously owned a home. In these cases, we will determine if you are in the same financial position as a first time home buyer. If so, we will advise your KiwiSaver scheme provider of your determination.

Housing New Zealand’s role is to determine whether previous home owners qualify.

Even though you have previously owned a home, but as long as you no longer have a share in a property, you may still be eligible for the savings withdrawal. To be eligible you need to be in the same financial position as a first time buyer in terms of assets and income.

To be eligible as a previous home owner you must:

• not currently own any other property
• have a combined yearly income of $100,000 or less (before tax) for one or two buyers
• have a combined yearly income of $140,000 or less (before tax) for three or more buyers
• not have realisable assets totalling more than 20 percent of the house price cap for the area you are buying in. Housing New Zealand considers the following to be realisable assets:
  • Money in bank accounts (including fixed and term deposits)
  • Shares, stocks and bonds
  • Investments in banks or financial institutions
  • Building society shares
  • Net equity in property or land (not being used as your home)
  • Boat or caravan (if the value is over $5,000)
  • Other vehicles (such as classic motorbikes or cars - not being used as your usual method of transport).
  • Other assets valued over $5,000.
• meet all other eligibility criteria administered by your scheme provider

You need to complete an application form and submit to Housing New Zealand, along with some supporting documents. We will then determine if you are in the same financial position as a first time home buyer and advise your KiwiSaver scheme provider.

Once we have determined your eligibility we will send you a letter of determination. You will then take this letter to your KiwiSaver provider so they can process your savings withdrawal.