KiwiSaver First Home Withdrawal Guide NZ

Using Your KiwiSaver for a First Home in NZ

If you're a first-time home buyer in New Zealand, your KiwiSaver savings can be a significant help towards your deposit. Here's a guide to how it works:

Eligibility Criteria

To be eligible for a first-home withdrawal from your KiwiSaver account, you must:

• Be a first-time home buyer.
• Have been a member of a KiwiSaver scheme for at least 3 years.

What You Can Withdraw

When making a first-home withdrawal, you can generally access the following parts of your savings:

• Your personal contributions.
• Your employer's contributions.
• Government contributions (e.g., Member Tax Credits).
• Any interest you have earned.
• Fee subsidies (if applicable).

Important Restrictions

• Minimum Balance: You must leave $1,000 in your KiwiSaver account. This amount cannot be withdrawn for your first home.
• Australian Superannuation Transfers: Funds that were transferred from an Australian Complying Superannuation scheme cannot be withdrawn for a first home.

How to Apply

1. Contact Your KiwiSaver Provider: This is your first step. They will guide you through their specific application process and requirements.
2. Engage Kāinga Ora: Kāinga Ora – Homes and Communities also plays a role in first home support. It's recommended to talk to them early in your home-buying journey.
3. Proof of Income and KiwiSaver Deductions: You can use your myIR account on the Inland Revenue (IRD) website to generate a PDF document showing your income and KiwiSaver deductions. This document can be submitted to support your application to Kāinga Ora or your KiwiSaver provider. Simply log into myIR, create the PDF, and then print or save it.

Starting early and communicating with both your KiwiSaver provider and Kāinga Ora will help ensure a smoother process for using your KiwiSaver to buy your first home.