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KiwiSaver – for First Home Buyers and HomeStart Grants

Do you have a KiwiSaver fund? You may be able to withdraw money to help with the deposit on your first home and qualify for a HomeStart Grant of up to $20,000!

As of the 1st April 2015, you can now withdraw ALL of your personal savings, employer contributions, member tax credits and investment earnings to purchase your FIRST HOME – basically everything except the $1000 kickstart that you received when you joined KiwiSaver.

As professional mortgage brokers, we can help you get into your first home, including helping you use your KiwiSaver fund toward the deposit.



    <li?You must have been a member of KiwiSaver for a minimum of 3 years and made the minimum contribution for each year.

  • You must have never owned a house or land before *(there is an exception to this – see below)
  • The house or land you are purchasing must be in New Zealand and intended to be your principal place of residence – a rental investment property would not qualify.
  • You must not have made a withdrawal from a KiwiSaver scheme for the purchase of a home before.
  • You must have made the minimum contributions during your membership.
  • You must have incomes below $85,000 gross per year for a single borrower or $130,000 combined for a joint application
  • The house you are intending to buy must be below a certain threshold. In Tauranga an existing property’s threshold is $500,000 for an existing property, and $550,000 if you are building a property

*If you have previously owned a property you may be eligible to withdraw from your KiwiSaver account to help purchase a home if you can show that you are in a similar financial position to a first home buyer. This is called a previous home owner withdrawal. 

So, what’s the process?

To apply to withdraw funds from your KiwiSaver for the purchase of your first home, you’ll need to complete an application process, including statutory declarations signed by a solicitor or Justice of the Peace. You’ll also need additional documentation from your solicitor and a copy of the unconditional Sale and Purchase Agreement.

The whole process takes around 10 working days – but as mortgage brokers, it’s our job to guide you through it, so everything is simple and runs smoothly!

KiwiSaver HomeStart Grant

You could be eligible for up to $20,000 toward your mortgage deposit.

As well as bring able to withdraw your own funds, the Government (through Housing New Zealand) may also give you a KiwiSaver HomeStart Grant (previously known as the First Home Deposit Subsidy).

  • Purchasing an existing home (greater than 6 months old) The qualifying mortgage borrower is eligible for $1000 per year for every year they have been in Kiwisaver, to a maximum of $5000 (this is each borrower, so a couple can get up to $10,000).
  • Building a new home (or buying an existing home that is less than 6 months old) The qualifying borrower is eligible for $2000 per year for every year they have been in KiwiSaver, to a maximum of $10,000 each ($20,000 combined).

If the house is sold within 6 months then the grant has to be repaid.

To Qualify

Deposit Restriction:

Must have 10% mortgage deposit already which can be your KiwiSaver funds.

Income restriction:

Single person’s income must not exceed $85,000 gross, or a couple’s combined household income must not exceed $130,000

House Value Restriction:

Different areas of the country have different house price cap. The house price caps are:

  • Auckland – $600,000 for existing houses and $650,000 if building
  • Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $500,000 for existing homes and $550,000 if Building.
  • Rest of New Zealand – $400,000 for existing homes of $450,000 if building.

Welcome Home Loan

In addition to the above, Housing NZ works with certain banks and finance companies to provide a Welcome Home Loan mortgage.

The main benefit to the customer is that Housing NZ insure the low equity home loan with the banks. However, the borrower may still be up for low equity margins added to their interest rate or pay a one-off lump sum premium.

Different banks do things differently.

To qualify for a Welcome Home Loan you must meet all of the criteria mentioned in the KiwiSaver HomeStart Grant.

Banks we work with that offer Welcome Home Loans are: SBS, Westpac and Co-operative Bank.

As mortgage brokers, our job is to walk you through the entire process to make it as easy and stress-free as possible.

For more information on KiwiSaver, visit the Housing New Zealand website – or contact us to talk about using your KiwiSaver to help you get into your first home!

We are based in Papamoa, but we’ll come to you (at a time that suits – including after 5pm) wherever you are across Tauranga, Mount Maunganui, the wider Bay of Plenty and Waikato.

We can also meet you online in our secure meeting room Suitebox!

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