If you’re purchasing your first home, withdrawing your KiwiSaver contributions can kickstart your first home buying process. Learn more about eligibility and the application processes below.
You may be eligible to withdraw all or some of your KiwiSaver contributions toward purchasing your first home if you have been a member of KiwiSaver for three years or more. This withdrawal can be a very significant contribution toward your deposit under the contract, and toward the total purchase price for the property.
Your eligibility is determined by various criteria. You must intend to live in the property (it cannot be an investment). If you have owned property before, you will also need to obtain confirmation from Kāinga Ora that you qualify for second-chance eligibility. You can obtain more information about the eligibility process on the Kāinga Ora website.
Before you begin the process of looking for your first home, you should contact your KiwiSaver provider for an estimate of funds you can withdraw. Then you can get forms which are available from your KiwiSaver provider directly (and they are typically available on their website).
The application process can take between 10 and 15 working days (depending on your provider). You should discuss with your lawyer about the timing for this process and when the funds can be used.
You can withdraw either a specified amount of your savings, or all of your available balance other than the government “Kick Start” $1,000.00 in some circumstances. Your KiwiSaver funds can be used as payment of the deposit under the contract (with any leftover applied at settlement), or in most cases the KiwiSaver funds will be used at settlement.
Once your conditional contract is signed, you can progress the KiwiSaver withdrawal.
Need assistance? HomeLegal lawyers are here to help
The team here at HomeLegal are well-versed when it comes to KiwiSaver withdrawals, helping you complete the relevant forms and your statutory declaration. We will send the application off to your KiwiSaver provider on your behalf, who will then pay the funds to our trust account.
Streamlining the KiwiSaver withdrawal application process is part of what we do best here at HomeLegal. For assistance, contact the HomeLegal team or give us a ring at 0508 HOMELEGAL.
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