Do I need to have a KiwiSaver account?
If you are not current a member - we highly recommend join. After three years you may be able to withdraw your contribution plus your employer's contributions. You can choose your contribution rate from 3%, 4%, 6%, 8% and 10% of salary. This can contribute hugely to your deposit for buying your first dream home. You may also be eligible for the First Home Grant. So yes, KiwiSaver is a great help for first home buyers.
First Home Grant
- To apply for the First Home Grant, you must have regularly contributed to a KiwiSaver scheme for at least three years.
- If you buy an existing home, you can get $1,000 for each of the 3 (or more) years you have paid into the scheme. The most you can get is $5,000 for 5 or more years.
- If you buy a new home or land to build on, you can get $2,000 of each of the 3 (or more) years you have paid into the scheme. The most you can get is $10,000 for 5 or more years.
- If you are buying a property with other people, each of you could qualify for the grant. Note: a maximum grant amount of $20,000 for a single dwelling applies.
- In the 12 months before you apply, you must have earned: $85,000 or less before tax for a single buyer. / $130,000 or less before tax for 2+ buyers.
- You can only receive the grant once.
- Eligibility for this grant is determined by Kainga Ora.
- The grant is paid by the goverment and administrered by Kainga Ora. Further details are available from kaingaora.govt.nz.
House Price Caps
Auckland, Queenstown Lakes District
Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District
Rest of New Zealand
Regions are defined by city and district council boundaries.
To Withdraw KiwiSaver Funds to help buy your first home, you need to meet all requirements below.
- You have been a KiwiSaver member, or a member of a complying Superannuation fund, for a combined period of three years or more.
- You have never made a withdrawal from a KiwiSaver scheme to purchase a home or land before.
- First home withdrawals are only available for homes or land located in New Zealand.
- You must intend to live in the home or on the land you are buying, The first home withdrawal cannot be used to purchase an investment property.
- You need to contact your KiwiSaver provider to work out how much you can withdrawal. And, you must maintain a balance of at least $1,000 in your KiwiSaver account.
- If you have a conditional sale and purchase agreement for your first home or land, you can apply to withdraw funds for the deposit. Or if you are applying to use your KiwiSaver funds at settlement, you will require an unconditional sale and purchase agreement and a completed solicitor's or conveyancing practitioner's letter. Please ensure you apply and provide all required documentation at least 10 days before the withdrawal is needed. You cannot make a first home buyer's withdrawal after the property purchase has settled.
- If the withdrawal is approved, the money will be paid directly to your solicitor or conveyancing practitioner.