First home buyer withdrawal
After three years of saving, first home buyers can make a one-off withdrawal from KiwiSaver and put this money towards a deposit for their first home. Anyone buying their first home may apply – the withdrawal is not means tested. (Previous home-owners may also qualify – see below).
You can withdraw as much as you like, but you’ll need to keep the $1,000 kick-start and the government’s matching contributions in your KiwiSaver account so that your savings continue to grow.
First home buyer subsidy
After three years in KiwiSaver, some people also qualify for a first home subsidy of $1,000 a year for up to five years of saving with KiwiSaver.
If you have a partner who has KiwiSaver and who also qualifies, you could combine your subsidies to double your deposit for your first home – up to $10,000 total subsidy.
To qualify for the first home subsidy, you need to plan to live in the house for six months or more, and the house has to be under the price limits set by the Government – currently $400,000 for higher-priced areas, such as Auckland City, North Shore City and the Queenstown Lakes District, and $300,000 for the rest of New Zealand.
There are also household income limits of $100,000 a year or less for one or two KiwiSaver members living together and $140,000 a year or less for three or more KiwiSaver members living together.
Owned a home before?
Even if you’ve owned a home previously, you might still be able to qualify for the first home withdrawal and first home subsidy, if you are deemed to be in the same financial position as a first-time buyer. For more information about this, see Housing New Zealand’s website.
Find out more
Download our KiwiSaver first home buyer summary sheet.
Or for personal, tailored advice, you can talk to a MAS advisor by phoning 0800 800 627 or emailing firstname.lastname@example.org.