Planning to buy or build your first home can be exciting and overwhelming at the same time. We explain the process clearly in a few simple steps, to keep it as stress-free as possible.
You can use your KiwiSaver in two ways to help get you into your first home:
Generally, you can apply to withdraw the total amount in your KiwiSaver account, except for:
Contact your KiwiSaver provider and request a letter of eligibility. This can be emailed to you and will confirm your eligibility to make a first home withdrawal, as well as the estimated withdrawal amount.
There is no maximum purchase price or income requirement with KiwiSaver
It’s a good idea to get a conditional loan pre-approval in place, so you know what your approved purchase price is when you’re looking for homes.
It is important to apply for your first home withdrawal early when you find your home, as it can take up to15 working days to withdraw funds.
You’ll need to pay a deposit to the real estate agent when you’ve signed the Sale and Purchase Agreement for your new home, and once your finance is approved unconditionally.
You can either use your KiwiSaver as part of your deposit or as part of the purchase price payable at settlement date (the date you take ownership of the property).
Your KiwiSaver provider will give you a KiwiSaver First Home Withdrawal Form. Your solicitor can help you complete this and apply for the withdrawal.
If you have been regularly contributing for 3 years, you may be eligible for a First Home Grant from Housing New Zealand to help you buy your first home.
To be eligible for a First Home Grant, you must:
To find out if you meet Housing New Zealand’s eligibility criteria, visit kiwisaver-firsthomegrant.co.nz