Buying guide
Using KiwiSaver to buy your first home: how it works
Saving a deposit can be hard for first home buyers. Luckily, KiwiSaver and other schemes can help you out.
Last updated: 27 May 2024
AI summary
Struggling with a deposit? This guide explains how to use your KiwiSaver and the First Home Loan to enter the property market.
You can make a KiwiSaver First Home Withdrawal for your deposit after three years of membership, provided you intend to live in the property. You must leave a $1,000 minimum balance.
The First Home Loan, underwritten by Kāinga Ora, allows eligible buyers with a 5% deposit to secure a loan, bypassing the standard 10-20% requirement.
In this article you’ll learn:
1. KiwiSaver First Home Withdrawals
Using KiwiSaver can make the maths on buying your first home a little less scary.
Your KiwiSaver manager will help you apply for your withdrawal.
2. The First Home Loan scheme
You'll need to check the eligibility criteria if you're going to apply for the First Home Loan.
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