KiwiSaver and your first home
If you’re saving for your first home, your KiwiSaver account could give you a meaningful head start. After three years of membership, you may be able to withdraw most of your savings to put towards a deposit.
Planning ahead
The earlier you start thinking about your first home, the more KiwiSaver can work for you. A few things worth considering early on:
Are you in the right fund?
If you’re still a few years away from buying, a growth-oriented fund could be a good option. As you get closer it’s worth considering a more conservative fund to protect what you’ve built. Your Adviser can help you work out the right fit.
Are you contributing enough?
Small increases to your contribution rate can make a meaningful difference to your deposit over time. Even moving from 3.5% to 4% could add up significantly across several years.
How are you tracking?
Use the Hive KiwiSaver Calculator to model different scenarios — adjusting your contribution rate, timeframe, or fund to see how small changes could make a real difference to your deposit.
Try the KiwiSaver CalculatorAm I eligible?
There are a few requirements to be aware of before you apply.
Three years membership
You need to have been a KiwiSaver member for at least three years.
First home buyer
You must intend to live in the property and must not have made a KiwiSaver first home withdrawal before.
New Zealand properties only
The property you’re buying must be located in New Zealand.
Buying with someone?
If you’re purchasing with a partner, you may both be eligible to withdraw from your individual KiwiSaver accounts.
Previously owned a home?
You may still qualify in some circumstances. Kāinga Ora can assess whether you’re in a similar financial position to a first-time buyer.
How much can I withdraw?
You can withdraw almost everything in your KiwiSaver account — the only exceptions are a minimum balance of $1,000, and any funds transferred from an Australian superannuation scheme.
Ready to apply?
- • Apply well in advance of when you’ll need the funds — whether that’s for a deposit or settlement day
- • Once approved, funds are paid directly to your lawyer’s trust account, who will forward them to the vendors lawyer on settlement day
- • If you’re a member of Hive KiwiSaver Scheme, you can download our form here.
Time to take stock with your Adviser
Buying your first home is one of the biggest financial decisions you’ll make. Your Adviser can help you understand how your KiwiSaver fits into your home buying plan, how much you may be able to withdraw, and what to think about before you apply.
Get in touch with your AdviserAfter your withdrawal — what’s next?
Once you’ve got the keys, it’s worth taking a moment to think about what comes next for your KiwiSaver account. Your balance will look quite different after a first home withdrawal — and that’s a good prompt to reset your plan with retirement now in focus.
Your fund choice
With retirement now your primary KiwiSaver goal, a growth-oriented fund may make more sense than the conservative option you may have moved to before buying.
Your contribution rate
Increasing your contribution rate could be a good way to kickstart your KiwiSaver account balance.
Model your scenarios
The KiwiSaver Calculator and Retirement Calculator can help you see how small changes could affect your savings over time.
Frequently asked questions
Your KiwiSaver savings can be used towards an existing house, a vacant residential section, an apartment off the plans, a house and land package, or an interest in a dwelling on Māori land.
No — if you already own land, you’re not able to use your KiwiSaver first home withdrawal to build on it.
At least three years. Time with a previous KiwiSaver provider counts towards this.
If you’re purchasing with another person, you may both be eligible to withdraw from your individual KiwiSaver accounts.
You may still be eligible in some circumstances. Kāinga Ora can assess whether you’re in a similar financial position to a first-time buyer.
Yes — you must leave a minimum of $1,000 in your account after your withdrawal.
In most circumstances, your lawyer will return the funds to your KiwiSaver account.
Head to your KiwiSaver provider’s website to download their first home withdrawal form. If you’re a member of Hive KiwiSaver Scheme, you can download our form from the Forms & documents page.
Still have questions?
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