If you’ve been a member of KiwiSaver for at least three years, you may be able to withdraw some or all of your Kiwisaver fund to help you buy your first home.

You can qualify if the property is your first home and it is going to be your principal place of residence; it cannot be used as an investment property. In some cases, you may qualify even if you’ve owned property before (and don’t currently own a home).

In a Sale and Purchase Agreement there is generally a deposit which must be paid upon the agreement becoming unconditional, and then the balance of the purchase price is paid upon settlement. You can use you Kiwisaver withdrawal for the deposit or for settlement. However it can take up to 15 working days for the funds to be released, so you must ensure there is enough time between when you sign the agreement and when you are required to pay the funds.

To apply, you can download and print the “First Home Withdrawal” form from your KiwiSaver provider and bring it in to our offices. We will go through the details and the necessary declarations with you and send your application away for you – easy!

Kāinga Ora

You may also be entitled to a Kāinga Ora First Home grant to help you buy or build your first home. This is administered by Kāinga Ora – Homes and Communities (formerly Housing New Zealand).

The purchase price for the property must be below a certain amount for you to qualify, and the price cap depends on the area where you purchase.

If you qualify you could get a $1,000.00 grant for each year you have contributed to KiwiSaver, up to a maximum of $5,000.00 for an existing home or up to $10,000.00 for a newly built home. If you’re buying a property with other people, each of you could qualify for the grant. This means that each buyer could qualify for up to $10,000.00 each for a newly built home.

To apply, you will need to seek pre-approval from Kāinga Ora. You can start this at any time, and the pre-approval lasts for 12 months. When you have an agreement, you can seek full approval from Kāinga Ora, and documents will be sent to your solicitor at Webster Malcolm. We will then meet you to go through the documents and sign the agreement.

It can seem a little overwhelming but don’t be put off – our team are here to help you and guide you through the entire process.

If you have any questions about the above feel free to contact Tracy or Sacha