NZ First Home Buyer Calculator (KiwiSaver & Kainga Ora)

This calculator checks whether you qualify for the two main supports left for first home buyers in New Zealand: the KiwiSaver first home withdrawal and the Kainga Ora First Home Loan. You enter your KiwiSaver membership length and current balance, whether you have owned a home before, whether you are buying alone or with a partner, your target property price and type (existing or new build), your annual gross income, and any other savings set aside for a deposit. From there it works out how much KiwiSaver you can withdraw, since you need at least three years' membership and must leave a $1,000 minimum balance behind. It then tests your income against the Kainga Ora income caps to show whether you likely qualify for a 5% deposit under the First Home Loan, against a standard 20% deposit. Finally, it combines your KiwiSaver withdrawal and other savings into a full deposit structure, showing what you have available against what you need, and whether you have a surplus or a shortfall. Results also flag that the old First Home Grant was discontinued in May 2024, so it plays no part here, and list typical extra costs such as legal fees and building inspections to budget for. Figures are indicative only, so confirm current income caps and eligibility rules with Kainga Ora or your KiwiSaver provider before relying on them.

Updated  First Home Grant DISCONTINUED 22 May 2024. First Home Loan still active.
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First Home Grant (HISTORICAL - DISCONTINUED)

The First Home Grant (originally called the KiwiSaver HomeStart Grant) was discontinued at 1pm on 22 May 2024. No new applications have been accepted since then. If you see websites still describing how to apply for the grant, they are out of date. The grant provided:

  • $1,000 per year of KiwiSaver membership (3+ years), up to $5,000 for existing homes.
  • $2,000 per year, up to $10,000, for new builds or vacant land to build on.
  • Income cap $95,000 for a single buyer with no dependants, $150,000 with dependants or for two or more buyers.
  • Regional house price caps that varied by location.

Government saved $245 million over four years by discontinuing the grant. $140 million was redirected to fund approximately 1,500 new social housing places.

KiwiSaver First Home Withdrawal - what you can and can't take

Can withdraw: your contributions, employer contributions, government contributions (including the annual member tax credit / government contribution), all investment returns.

Cannot withdraw: amounts transferred from an Australian complying superannuation scheme, and you must leave at least $1,000 in the account.

Eligibility: 3+ years KiwiSaver membership (across any schemes), buying your first home (or qualifying under "previous homeowner" via Kainga Ora), intending to live in the property as your main home.

Kainga Ora First Home Loan

The government-underwritten loan lets eligible buyers purchase with only 5% deposit. Offered through Westpac, Kiwibank, and SBS Bank. Low Equity Margin (the extra rate banks charge for low deposits) is capped at 1% of the loan. Income caps apply: $95,000 for a single buyer with no dependants, $150,000 with dependants or for two or more buyers. There are no house price caps; they were removed on 1 June 2022. Check Kainga Ora's current criteria. You can use your KiwiSaver withdrawal as the 5% deposit.

Sources

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Frequently asked questions

Is the First Home Grant still available?

No. The First Home Grant (previously called the KiwiSaver HomeStart Grant) was discontinued on 22 May 2024 at 1pm. Kainga Ora stopped accepting new applications on that date. The grant previously provided $1,000 per year of KiwiSaver contribution (3+ years), up to $5,000 for existing homes or $10,000 for new builds. Applications submitted before 22 May 2024 were honoured but no new applications have been accepted since. The $245 million budget saving was redirected to social housing.

How much KiwiSaver can I withdraw?

Almost all of it. You can withdraw your own contributions, your employer's contributions, the government contribution, and all investment returns - but you must leave at least $1,000 in the account. You cannot withdraw amounts transferred from an Australian complying superannuation scheme. To be eligible you need to have been a KiwiSaver member for at least 3 years (any scheme - time transfers carry over). You must intend to live in the property as your main home; the withdrawal cannot be used for an investment property.

What is the Kainga Ora First Home Loan?

A government-underwritten loan that lets eligible first home buyers purchase with only a 5% deposit instead of the standard 20%. It's offered through Westpac, Kiwibank, and SBS Bank. Low Equity Margin is capped at 1% of the loan (most banks charge much more for sub-20% deposits). Income caps apply: $95,000 for a single buyer with no dependants, or $150,000 for a single buyer with dependants and for two or more buyers combined. There are no house price caps; they were removed on 1 June 2022. You can use your KiwiSaver withdrawal as your 5% deposit. This is now the main pathway for first home buyers after the First Home Grant was discontinued.

What if I owned a home previously?

You may qualify for the 'second chance' or 'previous homeowner' KiwiSaver withdrawal via Kainga Ora. You apply to Kainga Ora for a determination that you're in a similar financial position to a first home buyer - typically your realisable assets cannot exceed 20% of the regional house price cap. If Kainga Ora issues a determination letter, you submit it to your KiwiSaver provider with your sale and purchase agreement, and the withdrawal is released. Common scenarios: divorce settlements where you lost the family home, business failures, or returning Kiwis who sold up overseas.

What's a typical deposit structure in 2026?

For a $650,000 first home: 20% deposit = $130,000, which is out of reach for most first-home buyers in current market conditions. With the Kainga Ora First Home Loan, 5% deposit = $32,500. A typical first-home buyer with 5 years of KiwiSaver contributions might have $40,000-$60,000 available for withdrawal, covering the 5% deposit and some purchase costs (lawyer $2,500, LIM report $300-$500, building inspection $600-$1,200). If you qualify for the First Home Loan and have decent KiwiSaver savings, home ownership is materially more accessible than at 20% deposit.