Can both partners use KiwiSaver for their same first home?

Each partner qualifies separately

Each of you applies to your own KiwiSaver provider, from your own account, and each of you has to meet the criteria:

• You've been a KiwiSaver member for at least three years.
• It's your first home, or Kāinga Ora has confirmed you as a "second-chance" buyer.
• The property is in New Zealand and you intend to live in it.
• You'll be named on the title.
• You leave at least $1,000 in your account.

Source: Kāinga Ora: KiwiSaver first-home withdrawal

Your relationship status doesn't matter

Married, civil union and de facto couples are all treated the same way, because the scheme looks at each person, not the couple.

What if only one of you qualifies?

That's common, and it doesn't stop you buying together.

• One partner hasn't been a member for three years. That partner can't withdraw yet, but they can still be on the loan and the title. The partner who qualifies withdraws as normal.
• One partner has owned a home before. Their past ownership doesn't affect the other partner's eligibility. The previous owner may still qualify as a second-chance buyer if Kāinga Ora decides their financial position is similar to a first-home buyer's. They need that decision before they apply to their provider.
• One partner currently owns property. That partner generally can't make a first-home withdrawal. The other partner may still be able to.

How much you can take out together

Each of you can withdraw your own contributions, your employer's contributions, the government contributions you've received and your investment returns. You can't take the last $1,000, and in most cases you can't take funds transferred in from an Australian super scheme.

For example, Sam has $38,000 in KiwiSaver and Aroha has $22,000. Each leaves $1,000 in their account, so together they can withdraw $58,000. With $15,000 of savings on top, their deposit is $73,000. That's a 10% deposit on a home of about $730,000.

Two providers, one settlement date

Each of you needs a separate application, a separate statutory declaration (witnessed by a lawyer or JP) and a separate release, and both payments have to reach your lawyer before settlement. Providers usually take 10 to 15 working days after they receive a complete application.

• Apply on the same day, as soon as your offer goes unconditional.
• Get pre-approval from both providers before you make offers, if they offer it.
• Remember that the money is released for settlement. It can't be used for a deposit paid on the day of an auction.

If one of you contributes more

Under the Property (Relationships) Act, a family home is usually split equally if the relationship ends, no matter who put in more. Most couples don't need to do anything about this, but it's easiest to decide before you buy rather than afterwards.

If your KiwiSaver balances or savings are very different, talk to your lawyer before settlement about:

• How you'll hold the title (joint tenants or tenants in common).
• Whether a contracting-out agreement makes sense for you.

How it affects your borrowing

Withdrawing both balances makes your deposit bigger. That lowers your LVR, and it may move you out of low-equity pricing or give you more lenders to choose from. It doesn't change how much the bank will lend against your incomes. It raises the price you can afford, not the size of the loan.

If you're looking at the Kāinga Ora First Home Loan (5% deposit), the combined income cap for two or more buyers is $150,000 at the time of writing. Check the current limit before you rely on it. The First Home Grant closed in May 2024, so older articles that add it into a couple's deposit are out of date.

Source: Kāinga Ora: First Home Loan

Common questions