Buying your first home with your KiwiSaver

Buying your first home with KiwiSaver

When you think of KiwiSaver, do you automatically think it’s a retirement savings scheme? Well, it can also help you into your first home.

If you are eligible, you can make a withdrawal to boost your house deposit. The conditions you must meet are:

  • You have had a KiwiSaver account for at least 3 years.
  • You have never owned a home or land before, either in New Zealand or overseas (in most cases).
  • You must be planning to live in the home.
  • You must live in New Zealand.

If you intend on using your KiwiSaver for your first home, it is a good idea to make sure you are in the right type of fund when setting up your KiwiSaver. 

For example, if purchasing a house is quite far off, you might want to be in a growth fund to build a higher balance. But if you are thinking it could be in the next few years, you might be best to be in a more conservative fund, which brings lower returns, but less risk. Timeframes and risk tolerance are a big consideration, but you also need to think about your situation and what you want to achieve.

First Home Grants

Another perk of having a KiwiSaver account is access to First Home Grants for eligible buyers. If you qualify for the grant, you can get up to $5,000 for an existing home, or up to $10,000 for a new home build (or the land you want to build on). If you have a partner you can potentially get up to $10,000 or $20,000 between you.


You don’t have to make these decisions by yourself. This is our area of expertise. Our KiwiSaver team can talk to you about your situation, in a way that you understand, and work out what type of fund will work best for you to achieve your goals. We can also check if you are eligible for a withdrawal from your KiwiSaver and the First Home Grant. Talk to us today.

Need help applying for your mortgage?

We also have an expert team of Mortgage Advisers who can help you secure a mortgage for your first home. Their service is free of charge as they are remunerated by the lender. They will work closely with you and guide you through the process. With their extensive knowledge and experience at your fingertips, the process should run a lot smoother.

Photo by Ketut Subiyanto.

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