KiwiSaver First Home Withdrawal

KiwiSaver can help you purchase your first home!  If you are going to buy your first home, you can withdraw some of your KiwiSaver savings to put towards it.  

At the Gareth Morgan KiwiSaver Scheme we try to make the first home withdrawal process as easy as possible for our members.  Our detailed monthly reports allow you to track the value of your savings so you can see how much you will be able to withdraw to put towards your first home. It’s easy to join or change to our scheme.
 

Applying for a first home withdrawal from KiwiSaver

You may be able to use the first home withdrawal from KiwiSaver to help you purchase your first home subject to the following conditions:

  • You must have been a member of KiwiSaver or a complying Superannuation fund, for a minimum of three years.
  • You must have never purchased a property before.*
  • The property you are purchasing must be in New Zealand, and intended to be your principal place of residence—a rental investment property would not qualify.
  • You must not have made a withdrawal from a KiwiSaver scheme for the purchase of a home before.

*In some circumstances previous home owners may also be eligible to withdraw from their KiwiSaver accounts to help them purchase a home; eligibility will be confirmed by Housing New Zealand.

If you do intend to withdraw your KiwiSaver money for a first home purchase in the next few years, we recommend that you review your Investment Direction  to ensure it reflects the timeframe you’re working towards.

To apply for the first home withdrawal you will need to complete the First or Second-Chance Home Withdrawal form which is available by emailing us at questions@gmk.co.nz or by calling us on 0800 427 384.  Please note that it may take up to four weeks for us to cash up your investments and process your withdrawal, so do contact us as soon as you know that you will need to withdraw your funds for a property purchase.  
 

First Home Deposit Subsidy

In addition to the withdrawal above, you may qualify for Housing NZ’s First Home Deposit Subsidy. In addition to the rules above, the following conditions apply:

  • You must have contributed to a KiwiSaver scheme or complying fund at least the minimum rate of your income for at least three years. The minimum rate is 4% of income from 1 July 2007 to 31 March 2009 and 2% from 1 April 2009.
  • The property you purchase must be within the regional house price caps which are $400,000 for Auckland City, North Shore City, Rodney District, Wellington City and Queenstown Lakes District and $300,000 for all other areas.
  • Applicants must have income within the income caps – for one or two buyers the combined yearly income should be $100,000 or less (before tax) and $140,000 or less (before tax) for three or more buyers.
  • The subsidy is $1,000 per year you have contributed to KiwiSaver up to a maximum of $5,000. (If you’ve contributed for 3 years, you’ll get $3,000; for 4 years, $4,000; for 5 years, $5,000; for 6 years or longer, $5,000... you get the picture)

If you have owned a house before, but you are now in the same position as a first-home buyer, you may also qualify for the subsidy. You need to apply to Housing NZ to see if you qualify.


If you have not yet joined a KiwiSaver Scheme, join now and get saving for your first home.
 

Q&A

How much of my KiwiSaver money can I withdraw to buy my first home?

You can withdraw some, or all of your savings (except for the $1000 kick-start and the member tax credits).

I purchased a house 10 years ago, and I am thinking of getting another property with my partner (we are both in KiwiSaver).  Will I qualify for the first home withdrawal?

To qualify you must have been a KiwiSaver member or member of a complying fund for three or more years. You can only withdraw money to buy your first home, so if you have owned a home before, you generally won’t qualify.

However, in some circumstances you may still be eligible to withdraw your savings. To qualify for a second chance first home withdrawal, you have to satisfy the Housing New Zealand criteria showing that you are in the same position as a first home buyer. You will need to make an application to Housing New Zealand to confirm your eligibility as a previous home owner, information about qualifying is on this page of the Housing New Zealand website.  In addition to this you may also qualify for a first home deposit subsidy which is an additional benefit available through Housing New Zealand.  

 If you are not eligible for the first home withdrawal or the Housing New Zealand first home deposit subsidy, your partner may still apply if they have not owned a house before, even if you are buying the house together.