What is the KiwiSaver first home withdrawal?
If you have been in KiwiSaver for three or more years, you may be able to withdrawal your savings but must leave $1,000 in your KiwiSaver account.
It must be your first home and not an investment property.
Am I eligible for the KiwiSaver first home withdrawal?
Generally you are if you;
- Have been in KiwiSaver for at least 3 years
- Haven’t used KiwiSaver to purchase a property previously
- Are buying a home to live in
Second Chance Buyers
If you have owned a property previously Kāinga Ora will need to approve your application. To meet the criteria to receive the KiwiSaver first-home withdrawal as a previous home owner;
- You have not previously withdrawn your KiwiSaver funds to buy a home
- You have been a member of KiwiSaver for at least three years
- You have previously owned property, but no longer own any interest/share in property
- You do not have realisable assets totalling more than 20% of the house price cap for an existing/older property in the area that you are looking to buy in. Kāinga Ora considers the following to be realisable assets:
- Money in bank accounts (including fixed and term deposits)
- Shares, stocks and bonds
- Investments in banks or financial institutions
- Building society shares
- Any money paid to, or held by, the real estate agent or solicitor as a deposit on the property
- A boat or caravan (if the value is over $5,000)
- Additional vehicles (such as classic motorbikes or cars – not being used as your usual method of transport)
- Other individual assets valued over $5,000
Source Kāinga Ora