Who can withdraw
You generally qualify if all of the following apply.
- You have been a KiwiSaver member for at least three years.
- You are buying your first home, or you are a previous homeowner whose financial position is comparable to a first-home buyer, confirmed by Kāinga Ora.
- The property is in New Zealand and you intend to live in it.
- You leave at least $1,000 in your KiwiSaver account.
How much you can take out
You can withdraw your own contributions, your employer's contributions, the government contributions you have received, and all investment returns — everything except the final $1,000 and, in most cases, any Australian-sourced funds transferred in.
If you are buying with a partner who also qualifies, each of you withdraws separately and the amounts combine into one deposit.
The timeline
Providers usually ask for ten to fifteen working days from receiving a complete application, and your solicitor coordinates the release so funds arrive with the provider before settlement.
Start the paperwork as soon as your offer goes unconditional, not in the final week. Incomplete applications are the most common cause of delay.
How it affects your borrowing power
A KiwiSaver withdrawal increases your deposit, which lowers your loan-to-value ratio and can move you out of low-equity pricing. It does not change your income servicing, so it lifts what you can spend rather than what you can borrow.
It is still worth including in any borrowing estimate, because the deposit total decides both your maximum purchase price and the rate tier you are quoted.
The First Home Grant
The First Home Grant scheme was closed to new applications in 2024. Buyers planning around an older article that mentions it should confirm current eligibility for any support scheme with an adviser rather than relying on the grant amount.
Common questions
Can I use KiwiSaver for a deposit and still get a home loan?
Yes. Banks treat a KiwiSaver first home withdrawal as part of your deposit in the same way as cash savings, provided it is confirmed and available before settlement.
How much must stay in my KiwiSaver account?
At least $1,000, which keeps your membership active so you can continue contributing.
Can I withdraw KiwiSaver for a deposit paid at auction?
The withdrawal is released for settlement, not for the deposit paid on the day of the auction. You will usually need separate cash or a bridging arrangement to cover the auction deposit.
What if I have owned a home before?
You may still qualify as a second-chance buyer if Kāinga Ora determines your financial position is similar to a first-home buyer. That determination must be obtained before you apply to your provider.