How to use Kiwisaver to purchase your first home

Nest Home Loans is here to help

If you have never purchased a home before you might be able to use money in your Kiwisaver and be eligible for some Government grants. These can be a great way to increase your deposit or use as a deposit if you don’t have any savings.

Give us a call or follow the steps below to see if you are eligible and how much you are entitled to use.

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Step One

Find out how much of your Kiwisaver you can withdraw.

If you have been in a Kiwisaver scheme for more than three years you may be able to use your Kiwisaver for your deposit.

Please contact your Kiwisaver provider and ask them to provide an email or letter confirming the ‘amount you can withdraw’ from your Kiwisaver.

The Kiwisaver providers all have different processes to give their clients this information but it is usually pretty straight forward if you go onto their websites.

The amount you can withdraw is usually a different amount to the balance in your account. For example if you received the $1000 Government grant when you started your Kiwisaver scheme or if you have transferred funds from Australia superannuation schemes you cannot use those funds.

Your Kiwisaver Provider will send you an email or a letter with the amount you can withdraw. They will also send the forms you will need to fill in to be able to withdraw it but you don’t need to complete these forms until you have a contract to purchase a house.

Step Two

Find out if you are entitled to a First Home Grant from Kainga Ora.

If you are a first-time home buyer and you have been making regular Kiwisaver contributions for at least 3 years, you may be eligible for a First Home Grant of up to $10,000 from Kainga Ora (Housing New Zealand).

Please complete the application process at the link below and feel free to contact your lawyer or Nest Home Loans to ask any questions.

If Kaingo Ora approve your grant they will email you a pre-approval letter. Please send this through to Nest as soon as you get it.

Step Three

Send us the confirmation from your Kiwisaver provider and the First Home Grant.

Using Kiwisaver if you have already owned a home

In some circumstances it is possible to use your Kiwisaver to purchase a house if you have owned a home before, but you no longer own a home.

This is called a second chance withdrawal and you need to contact Kainaga Ora for approval.

If Kainga Ora approve your grant they will email you a pre-approval letter. Please send this through to Nest as soon as you get it.


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