Buying a home with your KiwiSaver

Your KiwiSaver Application can be confusing, find out what you need to know.

You are able to access your KiwiSaver (and in some cases your complying superannuation) funds for your long-awaited first home purchase.

Eligibility

In order to access your KiwiSaver funds, you must have been contributing to KiwiSaver for at least 3 years (making the minimum contributions if you are self-employed). You must also intend for the purchase to be your main home – your KiwiSaver funds cannot be used for the purchase of an investment property. Ordinarily, you can withdraw all of your funds, except for a minimum of $1,000.00 which must remain behind.

Before signing the Agreement

If you have previously owned property, then you will need to apply to Kainga Ora for a determination that you qualify for a KiwiSaver first home withdrawal. A copy of this determination will need to be included as part of your KiwiSaver application.

Before signing the Agreement for Sale and Purchase, we recommend that you obtain an indicative balance letter or email from your KiwiSaver provider giving an estimate of what you are eligible to withdraw. It is also prudent to send this indicative balance correspondence to your lender as part of your finance approval.

Process

Your KiwiSaver application can only be sent to your provider once the Agreement has been fully signed. This is because we are required to provide a letter of undertaking (in other words, a promise) to your KiwiSaver provider containing the specific Agreement details.

Your KiwiSaver funds can be used towards payment of the deposit under the Agreement with any balance funds used at settlement (for conditional agreements), or alternatively towards the purchase price at settlement (for unconditional agreements).

The timeframe for processing a KiwiSaver application and having the funds paid to our trust account depends on the KiwiSaver provider. However, the withdrawal process can generally take between 10 to 15 working days for a correct and complete application.

We are happy to assist with the preparation and signing of your KiwiSaver application. We can also witness your signature where required and make certified copies of your application documents.

Please contact our team or simply ring 0800 GYWLAW to organise a time to begin your KiwiSaver withdrawal application.