KiwiSaver First Home Withdrawal NZ — Eligibility & How to Apply

KiwiSaver’s first home withdrawal is one of the most significant benefits the scheme offers. After three years of membership, most members can withdraw the majority of their balance to put towards a first home — potentially tens of thousands of dollars that would otherwise stay locked until retirement.

Key Eligibility Rules

To use KiwiSaver for your first home you must:

Be a KiwiSaver member for at least 3 years
Be buying your first home (or qualify as a second-chance buyer through Kāinga Ora)
Intend to live in the property — investment properties do not qualify
The property must be within regional price caps (set by Kāinga Ora)
Have an eligible KiwiSaver scheme (nearly all schemes qualify)

How Much Can You Withdraw?

You can withdraw your balance minus $1,000 — that minimum $1,000 must remain in your KiwiSaver account to keep it active. This includes your contributions, employer contributions, and the government MTC — but government contributions made before June 2015 must be returned to IRD.

On a $50,000 balance, you can withdraw up to $49,000.

The First Home Grant (CLOSED)

The Kāinga Ora First Home Grant closed in May 2024. New applications are no longer accepted. Existing first home buyers rely on the KiwiSaver withdrawal and the First Home Loan.

First Home Loan — 5% Deposit

The First Home Loan (backed by Kāinga Ora, lent by participating banks) allows eligible buyers to purchase with just 5% deposit. Your KiwiSaver withdrawal can form part or all of that deposit. Income and purchase price caps apply.

Timeline

The withdrawal process typically takes 10–15 working days once the application is complete. Start early — apply to your provider before unconditional agreement, not after.