Using Your KiwiSaver to Buy a First Home: What You Need to Know
KiwiSaver isn’t just for retirement, it can also help you get into your first home sooner. If you’ve been contributing to KiwiSaver and you’re thinking about buying your first house you may be eligible to withdraw most of your savings to use as part of your deposit. This can make a big difference, especially in today’s housing market.
Here’s a simple guide to how the KiwiSaver first home withdrawal works, what the rules are, and how to get started.
Who Can Use Their KiwiSaver to Buy a House?
To be eligible for a first home withdrawal, you must:
Have been a member of KiwiSaver for at least three years
Intend to live in the home (it can’t be for investment)
Be buying your first home (or qualify under certain conditions as a "second-chance" buyer if you’ve owned property before but no longer do)
If you meet these conditions, you can apply to your KiwiSaver provider to withdraw your savings.
How Much Can You Withdraw?
You can withdraw most of your KiwiSaver balance, including:
Your contributions
Your employer’s contributions
Any investment returns
Government contributions (excluding the $1,000 kickstart if you received it — this must stay in the account)
You’ll need to leave at least $1,000 in your KiwiSaver account after the withdrawal.
For many first-home buyers, this can amount to thousands, or even tens of thousands, of dollars that can go towards a deposit.
When to Apply and How It Works
You’ll need to apply through your KiwiSaver provider (the company managing your account), not the government. They usually require:
A signed sale and purchase agreement
Proof you meet the eligibility criteria
Identification documents and a solicitor’s details
It’s important to start the process early. Your lawyer will manage the withdrawal on your behalf, and it must be completed before, not after, settlement day.
Tips to Make It Smoother
Get advice early: Talk to your KiwiSaver provider or a mortgage adviser before house hunting to ensure you are eligible to take money out
Check your balance: Log in to your KiwiSaver account to see how much you’ve saved
Don’t leave it too late: The process takes time so get documents ready in advance
A Big Step Made Easier
Buying a first home is a major milestone, and your KiwiSaver can play a key role in making it happen. It’s money you’ve already been saving but now it’s time to put it to work. With the right preparation your KiwiSaver withdrawal can help you take that big step with more confidence and support.