For most first home buyers in New Zealand, KiwiSaver is the deposit. It is also the part with the strictest paperwork, so it pays to understand it before you make an offer.
Who can withdraw
- You must have been a KiwiSaver member for at least three years.
- It must be your first home — or you must have been granted second-chance (previous home owner) status by Kāinga Ora.
- The home must be in New Zealand and you must intend to live in it. You cannot withdraw to buy an investment property.
How much you can take out
You can withdraw almost your entire balance: your contributions, your employer's contributions, the government contributions and all investment returns. Two things stay behind — $1,000 must remain in the account, and any amount transferred in from an Australian superannuation scheme cannot be withdrawn.
Every eligible person buying together can withdraw. Two buyers with three years' membership each means two withdrawals.
Check your balance and your date
Log into your provider and note two numbers: your current balance and the date you joined. Both go straight into your deposit plan.
The timing that catches people out
The money never comes to you. Your provider pays it to your solicitor's trust account, and your solicitor pays it at settlement (or for the deposit, if the timing allows).
Allow about ten working days from a complete application to funds arriving — some providers are faster, some are slower, and an incomplete application resets the clock. Start the application as soon as your offer looks likely to go unconditional, not the week of settlement.
- Your solicitor completes part of the form; you cannot do it alone.
- You will need a copy of the signed sale and purchase agreement.
- If your withdrawal is needed for the deposit on the agreement, tell your solicitor and the agent up front — the timing has to be written into the offer.
What about the First Home Grant?
The First Home Grant (previously the KiwiSaver HomeStart grant) was discontinued for new applications in 2024. Do not build it into your deposit plan. The First Home Loan — the 5% deposit route — still exists and is a separate scheme.
The short version
- Three years' membership, $1,000 stays in, Australian transfers stay in.
- Each eligible buyer can withdraw separately.
- Funds go to your solicitor, and take around ten working days.
- The First Home Grant is gone; the First Home Loan is not.
General information for New Zealand first home buyers, not financial or legal advice. Rules and lender criteria change — check anything important with your solicitor, your lender or a mortgage adviser. Sources: Kāinga Ora — KiwiSaver first-home withdrawal; Inland Revenue — KiwiSaver withdrawal rules.