Purchasing a property using your KiwiSaver

Using KiwiSaver for your first home purchase

For eligible Kiwis, withdrawal of KiwiSaver can be a crucial stepping stone to purchasing your first home. You can use your KiwiSaver funds to help with either the initial deposit for your property purchase or the final settlement payment.

Are you eligible for KiwiSaver withdrawal?

In order to access your KiwiSaver funds for a first home, you must have been a member for at least three years, and you must intend to live in the property you are purchasing. So, you won't be able to utilise your KiwiSaver funds to purchase an investment property.

If you find a property you like, and wish to withdraw your KiwiSaver, contact your KiwiSaver provider and they will supply you with a letter of eligibility confirming your entitlement to withdraw.

When withdrawing your KiwiSaver, at least $1,000 must remain in your account. In addition, any funds transferred from a Complying Australian Superannuation scheme must also remain in your account.

You can generally only utilise your KiwiSaver if you have not previously owned a home, however there are some exceptions to this depending on your circumstances.

How the application process works

Most of the time, you will be able find your KiwiSaver provider’s withdrawal application forms online. If not give them a call.

KiwiSaver providers will generally require 10-15 working days to process a withdrawal. We recommend that you submit your withdrawal application early and give yourself plenty of time before you require the funds (whether they are for your deposit or the final settlement payment).

Your lawyer plays a key role in your KiwiSaver withdrawal process. They will,

- advise you on timing

- submit your application

- provide the required undertakings to your KiwiSaver provider

- and when your withdrawal has been approved they will receive the funds directly into their trust account on your behalf.

What documents will you need to submit your withdrawal application?

Along with your application form, your KiwiSaver provider will typically require the following documents:

- Signed sale and purchase agreement naming you as the purchaser

- A statutory declaration

- Solicitor’s certificate or undertaking, confirming whether the funds will go toward the deposit, or the final settlement payment.

Talk to us

Buying your first home is an exciting milestone, however we understand it can sometimes feel overwhelming. If you are looking to buy your first property, and have questions around the process, our team is here to help.

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