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 all the details of how it 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 3 years
  • You can withdraw all funds from your KiwiSaver fund except the $1000 kickstart
  • You must be purchasing your first home (or in some cases exception is given if you are 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 - 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 Subsity

This is a grant provided by Housing NZ to qualifying applicants to use towards 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 in KiwiSaver you get $3000, 4 years - $4000, 5 years or more - $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
  • You must buy a property under the regional housing caps (Under $400K in regional Waikato and under $500K in Hamilton)
  • You must earn less than $85K per year as an individual or $130K per year as a couple

Talk to us about pre-approval to buy your first home using your KiwiSaver and the First Home Grant as a deposit.

Adam Thompson, Claire Martin and the My Mortgage team.