Kiwisaver First Home Withdrawal
This is the process of being able to withdraw money from your Kiwisaver account to purchase your first home. The key things to know about this are:
- You must have been in Kiwisaver for at least three years.
- You can withdraw all funds from your Kiwisaver fund except the $1000 kick start if you received it.
- You must be purchasing your first home (or in some cases an exception is given if you’re in the same position as a first home buyer).
- The money is paid directly to your solicitor, not to you personally.
- Funds can only be used to purchase a house, not to clear debt or buy furniture etc.
- You must apply directly to your Kiwisaver provider for withdrawal pre approval.
- You must live in the house you are purchasing for at least 6 months - cannot be used for a rental property.
- No income limit (except for second chance applications).
- Approval is subject to conditions set by your own Kiwisaver provider.