To use KiwiSaver funds for a house deposit, you must have been a member of one or more KiwiSaver schemes for three years, not previously owned a house or land, and not have made a first-home withdrawal.
You can then apply to withdraw all or part of your KiwiSaver savings towards the purchase price. The home you’re considering buying should be one you intend to live in, so it can’t be used as an investment property that you fully rent out.
To optimize your KiwiSaver for your first home ambition, ensure you’re in the right fund for your investment time horizon. There are online tools to help you choose the right fund, and it’s essential to reach out to your KiwiSaver provider for advice about the types of funds and how to reach your objective.
Consider the amount you’ll need for a house deposit and whether you’re on track to save that amount in your KiwiSaver account. Fisher Funds has a First Home calculator that can help you see how you’re tracking.
One way to reach your goal faster is to increase your KiwiSaver contribution rate from the 3% minimum if you can do so within your budget or make voluntary contributions. Keep some savings outside your KiwiSaver account for unexpected costs.
Navigating the withdrawal process is crucial when finding a house to put an offer on. Talk to your lawyer and KiwiSaver provider as early as possible, as the application process can take a bit of time, and there are supporting documents you’ll need to provide.
Your KiwiSaver provider can help you with what you need. Once you’re settled into your new home, reconnect with your KiwiSaver provider and review your fund to set you up for the future.
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