First Home Buyers can use KiwiSaver

House for saleDo you want to buy your first home?

Have you been a member of KiwiSaver for at least three years?

Did you know that after three years you can withdraw all but the Government’s contributions from your KiwiSaver Account and use them to buy your first home?

And Did you know you can also get a HomeStart Grant of $1,000 per year of Kiwisaver membership from Housing New Zealand?

Do you want to know more? Email your name and phone number to This email address is being protected from spambots. You need JavaScript enabled to view it. or ring us on 07 578 3863.

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KiwiSaver Savings withdrawal to buy your first home

You may be able to withdraw some or all of your KiwiSaver savings (except for the $1,000 kick-start) to put towards buying your first home.

And you and your partner can combine funds to get access to more money.

Some complying funds don't allow you to withdraw your savings for your first home. If you're a member of a complying fund and want to use your savings for your first home withdrawal you'll need to check with your provider to see if they offer this.

Making a first-home withdrawal

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 - not an investment property.

If you have owned a home before, in some circumstances you may still be eligible to withdraw your savings. Your scheme provider may require you to contact Housing New Zealand to determine if you're in the same financial position as a first home buyer.

To read more on Housing NZ Website click here

KiwiSaver HomeStart grant

After 3 years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. The grants are administered by Housing New Zealand. This grant will be paid to your solicitor on the day the purchase of the property is settled.

What the grants are worth

The two HomeStart grants are:

  • For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership.
  • For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.

There are maximum values of grants payable for the purchase of a single dwelling, regardless of the number of eligible purchasers:

  • $10,000 for the purchase of an older/existing property
  • $20,000 for the purchase of a new property.

Getting a KiwiSaver HomeStart grant

To be eligible for a KiwiSaver HomeStart grant you must:

  • have been contributing the required minimum amount to KiwiSaver for at least three years 
  • be 18 years or over
  • be purchasing or building your first home (see "Note" below)
  • have a household income (before tax) of less than $80,000 per year (for one person), or less than $120,000 per year (for two or more people)
  • have a deposit that is 10% or more of the purchase price, including the addition of the grant
  • be planning to live in the house for at least 6 months from the settlement/completion of the property.

Income and house price caps will apply.

Note that if you've owned a home before, in some circumstances you may still be eligible for a HomeStart grant. Housing New Zealand will need to determine that you are in the same financial position as a first home buyer.

Do you want to know more? Email your name and phone number to This email address is being protected from spambots. You need JavaScript enabled to view it. or ring us on 07 578 3863.

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KiwiSaver Logo"This website is operated by Bay Financial Partners Limited  and is not endorsed by, or affiliated with, the government or Inland Revenue. Bay Financial Partners Limited is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here."

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The information on this site is intended as a guide only. The information is of a general nature and does not and cannot ever constitute personal advice.
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