Your KiwiSaver savings could be one of the biggest contributions to your first home deposit. This calculator checks whether you meet the three-year eligibility requirement, shows exactly how much you can withdraw, and calculates the impact on your deposit and loan-to-value ratio. If you're buying with a partner, it handles both withdrawals simultaneously. It also checks whether you might qualify for the First Home Loan scheme, which still allows eligible buyers to purchase with as little as a 5% deposit.
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The KiwiSaver first home withdrawal allows eligible New Zealanders to withdraw most of their KiwiSaver savings to put towards a first home deposit. It is one of the most significant financial tools available to first home buyers in New Zealand, with the potential to add tens of thousands of dollars to a deposit that might otherwise take years longer to save.
The rules are straightforward but frequently misunderstood. Understanding exactly how much you can access, when you become eligible, and how the funds flow through to settlement can make the difference between being ready to buy and missing out on a property.
To be eligible for a first home withdrawal, you must have been a KiwiSaver member for at least three years. This means three years from the date you first enrolled in KiwiSaver, not three years of employer or employee contributions. The three years do not need to be continuous. If you had a period of self-employment or were overseas and not contributing, your membership clock still runs from your original enrolment date.
There is no maximum amount of time you can have been a KiwiSaver member. Whether you joined the year it launched in 2007 or joined more recently, the eligibility check is simply: has it been three years since your enrolment date?
Your join date can be found in your KiwiSaver provider's mobile app, in your annual statement, or on the IRD website at ir.govt.nz under your KiwiSaver details.
You can withdraw your entire KiwiSaver balance except for a minimum of $1,000, which must remain in the fund. This applies regardless of your total balance. Someone with $10,000 can withdraw $9,000. Someone with $80,000 can withdraw $79,000.
The withdrawal includes everything accumulated in your account: your own employee contributions, your employer contributions, the government member tax credit (up to $521 per year), and all investment returns earned since you joined. There is no distinction between which portion came from which source for withdrawal purposes.
If you joined KiwiSaver before July 2015 and received the original $1,000 government kickstart payment, this also forms part of your withdrawable balance subject to the $1,000 minimum remaining balance rule.
If you are purchasing a home with a partner, spouse, or co-buyer, both of you may be able to make a KiwiSaver first home withdrawal simultaneously. Each person must individually meet the three-year membership requirement and first home buyer criteria. There is no combined income or asset test for the withdrawal itself.
The combined withdrawal can dramatically increase your deposit. Two partners each with $25,000 in KiwiSaver can contribute $48,000 collectively to their deposit. Combined with their other savings, this can make the difference between being below and above the 20% deposit threshold, which affects both loan approval and interest rates.
If one partner has been a member for less than three years, their withdrawal will not be available at that time, but they can still be added to the mortgage and title. Their withdrawal may become available later, potentially enabling a faster reduction of the mortgage balance once it does.
The requirement to leave $1,000 in your KiwiSaver account after a first home withdrawal is set by the KiwiSaver Act 2006. The purpose is to keep your KiwiSaver account active and available for retirement savings after you have bought your home. Once you purchase a home and make a first home withdrawal, you are still expected to continue contributing to KiwiSaver for your retirement. The $1,000 minimum ensures the account stays open and contributions can continue.
After a first home withdrawal, your contributions will continue to accumulate as normal. You will receive employer contributions and the government member tax credit on future contributions. Your KiwiSaver does not close or stop functioning; it simply resets with a reduced balance.
The first home withdrawal is designed for people buying their first home, but the rules include a "second chance" provision for people who have previously owned property but are now in a similar financial position to a first home buyer. This assessment is made by Kainga Ora (Housing New Zealand).
Kainga Ora evaluates your total realisable assets excluding your KiwiSaver balance and the property you are intending to purchase. If your net assets are below 20% of the relevant house price cap for a first home buyer in your area, you may still qualify. This allows people who owned property years ago but have since sold and depleted most of their equity to access the first home withdrawal again.
If you have previously owned property, contact Kainga Ora directly for a formal assessment before assuming you are either eligible or ineligible. The assessment is case-specific and free of charge.
The First Home Loan scheme, administered by Kainga Ora and available through select participating lenders, allows eligible first home buyers to purchase with a deposit of as little as 5% of the purchase price. This is possible even with standard Reserve Bank LVR restrictions in place, because Kainga Ora underwrites the lender against the higher risk of a low-deposit loan.
Income caps apply: a single buyer's gross income must be $95,000 or less, and for two or more buyers the combined gross income must be $150,000 or less. Property price caps also apply and vary by region, with higher caps for newly built properties than for existing homes. You must be a New Zealand citizen or permanent resident and intend to live in the property.
Participating lenders include Kiwibank, Westpac, ANZ, SBS Bank, and Co-operative Bank. Eligibility criteria and property price caps are reviewed regularly. Check the current requirements at kaingaora.govt.nz before applying, as the figures change.
The First Home Grant, which previously provided a cash contribution of up to $10,000 towards a first home purchase (for new builds) or up to $5,000 (for existing homes), was permanently closed by the Government on 22 May 2024. It is no longer available in any form and cannot be accessed by new applicants. If you see information about the First Home Grant online, check the date as this information may be outdated.
The KiwiSaver first home withdrawal and the First Home Loan scheme remain fully operational and are the two main government-backed tools available to first home buyers in New Zealand as of 2026.
No. The KiwiSaver first home withdrawal is only available for a property you intend to live in as your main residence. It cannot be used for investment properties, holiday homes, or any property you do not plan to occupy.
Your KiwiSaver account stays open. If you are employed, employer and employee contributions continue as normal. You will keep receiving the government member tax credit on qualifying contributions. Your balance restarts from the $1,000 minimum and grows again from contributions and investment returns. You can only make one first home withdrawal in your lifetime, so the account will accumulate toward retirement after that.
Most providers process applications within 10 to 15 working days. Some may be faster, particularly if you apply online through their platform. Allow at least three weeks between applying and your settlement date. If your settlement date changes, contact your provider to update the timing. Funds go directly to your solicitor's trust account, not to you personally.
No. You need to have a specific property purchase underway to apply. Your application will require the address, purchase price, and your solicitor's details. You apply once you have an accepted offer and a settlement date confirmed. You cannot pre-apply while still looking.
If the purchase does not go ahead, your KiwiSaver provider will return the funds to your account. The withdrawal is not considered to have occurred and you retain your eligibility for a future first home withdrawal. Contact your provider as soon as possible if the purchase does not proceed.
Yes. The first home withdrawal can be used to purchase residential land on which you intend to build a house to live in. It can also be used during the build process in some circumstances. The property (or planned property) must be in New Zealand and you must intend to live there. Check with your provider and solicitor for the specific documentation requirements for land and new build purchases.
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