Buying a home with KiwiSaver
If you’ve been in a KiwiSaver scheme for at least three years and meet the criteria, you may be able to make a withdrawal to purchase your first home.
You can choose to withdraw all of the funds that are available, or just some of them. You’ll need to leave at least $1000 in your KiwiSaver savings, and any money transferred from an Australian Complying Superannuation Scheme. You can also choose whether to withdraw funds as a deposit or as part of the settlement amount. If you make a withdrawal as part of your deposit, any excess funds withdrawn will be applied towards your settlement.
You can only make a first home withdrawal once. So, if you withdraw funds for a deposit, you cannot subsequently make a withdrawal for your settlement.
If you’re buying a property with a partner who’s also a KiwiSaver member, you may both be able to apply for first home withdrawals.
If you’re successful with a KiwiSaver first home withdrawal, you’ll remain a member of the BNZ KiwiSaver Scheme and must continue making the required contributions (unless you successfully apply for a savings suspension).
Request a KiwiSaver first home withdrawal estimate
You can request an estimate of how much you might be able to withdraw from your BNZ KiwiSaver Scheme account online.
How to apply
To apply for a KiwiSaver first home withdrawal, you’ll need to complete the BNZ KiwiSaver Scheme home purchase withdrawal application form PDF 205KB.
You’ll need to provide additional information to support your application, such as the details of your solicitor or conveyancer and a copy of the Sale and Purchase Agreement, and return these with the completed application form.
Once you have completed this form and have all the accompanying documentation, you’ll need to take the form and documentation to a Justice of the Peace, a solicitor of the High Court of New Zealand, notary public or other person authorised to complete the statutory declaration section of the form. Then you can choose to drop your completed form into any BNZ branch, email it to KiwiSaver_Support_Team@bnz.co.nz, or send it to: Freepost BNZ KiwiSaver Scheme, Private Bag 92208, Auckland 1142, New Zealand.
Timeframes
We need approximately 10-15 business days to process your application, especially if we have any questions or require additional information from you. So, you should apply as soon as possible.
If you have any questions about using your BNZ KiwiSaver Scheme savings to help you buy a home, please call us on 0800 269 5494 or email KiwiSaver_Support_Team@bnz.co.nz
Help buying a home if you’ve owned a property before
In some circumstances, if you’ve owned a property before but no longer own it, you may still qualify for a KiwiSaver first home withdrawal. It will also need to be your first KiwiSaver withdrawal to buy a home.
How to apply
You’ll need to contact Kāinga Ora for confirmation that you’re in a similar financial position as a first home buyer before applying. More information, including eligibility criteria, is available on the Kāinga Ora website.