KiwiSaver First Home Withdrawal: Who Qualifies and What You Get

This scheme allows first-time home buyers to take out a portion of their accumulated savings to help pay for a home deposit.

👤Who it's for

This scheme is designed specifically for people who are looking to buy their very first home. To be eligible, you must be a first-time home buyer and you must have been a member of the KiwiSaver scheme for at least three years. This waiting period ensures you have built up a meaningful amount of savings before you can access them for your property purchase.

🎁What you get

The main benefit of this scheme is the ability to access the money you have been saving within your KiwiSaver account. These funds can be withdrawn and used as part of your house deposit, which can help make buying a home more manageable in the New Zealand property market.

💰What it costs you

While there is no direct fee mentioned for applying, the process is not purely administrative. It requires legal verification to confirm your eligibility and your status as a first-time buyer. You will need to work through the necessary legal steps to ensure all your documentation is in order for the withdrawal to be processed correctly.

⚠️The catch to know

There is one important restriction regarding how much you can take out. You are not permitted to empty your account entirely. You must leave a minimum balance of $1,000 in your KiwiSaver account at all times to ensure you maintain some level of ongoing savings.

📝How to apply

• Check your KiwiSaver account history to confirm you have been a member for at least three years.
• Verify that you meet the definition of a first-time home buyer.
• Contact your KiwiSaver provider to request the specific withdrawal paperwork.
• Complete the required legal verification steps as requested by your provider.
• Visit the official portal for more information: https://kaingaora.govt.nz