If you’re buying your first home, your KiwiSaver money might be part of your deposit. But how can you withdraw this money?

Do I qualify to withdraw my KiwiSaver money for my first home?

You might qualify to withdraw your money if:

  • You’ve been a member of a KiwiSaver scheme or complying superannuation fund for at least three years.
  • You haven’t made a withdrawal before to help buy a home.
  • You don't currently own any real estate

juno kiwisaver first home.jpg

What do I do first?

Contact your KiwiSaver provider first. They are there to help you. They’ll talk you through the process, let you know how much you can withdraw, and how long it will take for the application to be processed. Each provider has their own application form and timelines, so be aware of those.

Are there any reasons I wouldn’t qualify to withdraw?

You won’t qualify if:

  • You haven’t been a KiwiSaver member for at least three years.
  • You currently own all or part of some real estate like a section, or other property.
  • You’ve previously withdrawn KiwiSaver savings to help with a house.
  • You’re selling and buying property at the same time, to move up the property ladder.
  • You own investment property, but want to use the KiwiSaver money to buy your own home.
  • You purchase a half-share of property you currently have an interest in (such as a property subject to a marital split).
  • The property is being purchased by a family trust, not a person.
  • You’re a previous home-owner, but have a significant amount of realisable assets, which means the withdrawal rules treat you as being in a different financial position to a first-home buyer.

Can I purchase an investment property with my KiwiSaver money?

No. The property must be the main place where the KiwiSaver member, or the member and their family members, live.

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I’ve bought a home before. Can I use my KiwiSaver money for another house?

Maybe, provided you haven’t withdrawn your KiwiSaver money before to help buy a home and no longer own real estate. Housing New Zealand will also have to determine you’re in the same financial position as a first-home buyer. Apply to Housing New Zealand, which will assess your financial position.

Calculate your savings with JUNO

If you meet the criteria, a letter will be given to you that you need to take to your KiwiSaver scheme provider to support your application. Housing New Zealand has lots of information about applying too.

Published August 2018

Story by Iain Duncan, Senior Product Manager at Housing New Zealand. Housing New Zealand administers the KiwiSaver HomeStart grant.

We aim to make investment with KiwiSaver easy to understand. To help us make this article reader friendly, we used The Write Plain Language Standard.

Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. You can read our Product Disclosure Statement. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. We recommend you speak with a financial adviser. All content is correct at time of publication date.