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Kiwisaver For First Home Buyers

First Home Buyers can use their Kiwisaver and the First Home Grant towards a deposit for their first home.
We’ve put together the details of how this all works.

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.

First Home Grant

This is a grant provided by Kainga Ora (Housing NZ) to qualifying applicants to use toward purchasing their first home. Key things to note about this are:

  • You must have been in Kiwisaver for at least 3 years.
  • If buying jointly then both parties can apply for this grant separately.
  • For 3 years membership you get $3000, 4 years - $4000 5 or more years - $5000.
  • The above grant is doubled if you are buying a brand new house.
  • The grant is paid directly to your solicitor for use only to purchase a property.
  • You must live in the property being purchased.
  • Property value must meet house price caps (ask us for more information here).
  • You must earn less than $95K per year (individual) or $150K per year (couple).

Talk to us about pre-approval to buy your First Home using Kiwisaver and the First Home Grant as deposit

The My Mortgage Team


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