For many Kiwis, KiwiSaver is the key to unlocking their first home. It’s often the largest part of a deposit, but there are specific rules you need to follow to ensure a smooth withdrawal. At AdviseNow, we’ve helped countless first-home buyers navigate this process.
The Eligibility Rules
To withdraw your KiwiSaver for a first home, you must have been a member for at least three years. You must also intend to live in the property as your primary residence. You can withdraw almost everything, but you must leave at least $1,000 in your account.
The First Home Grant
In addition to your withdrawal, you may be eligible for the First Home Grant from Kāinga Ora. This can provide up to $5,000 for an existing home or $10,000 for a new build, per person. There are income and house price caps, so it’s important to check your eligibility early.
Key Takeaways
- You need 3 years of membership to withdraw for a home.
- Leave at least $1,000 in your account.
- Check your eligibility for the First Home Grant early.
Disclaimer: This information is general in nature and does not constitute personalised financial advice.
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