Use Your KiwiSaver Account as a Deposit and Help Secure Your First Home

You might have heard people talk about using their KiwiSaver Account as a deposit to secure their first home…let’s explore this some more.

Is it true, I can use my KiwiSaver Account as deposit for my first home?

The short answer is YES, you can use your KiwiSaver Account for deposit or part deposit on your first home, provided you met the eligibility criteria.
You can do this two ways; by either withdrawing some of your savings from your KiwiSaver Account or applying for the First Home Grant.

Eligibility Criteria


When it comes to making a withdrawal from your KiwiSaver Account – there’s a few things you need to know.

The eligibility criteria for withdrawal:
  • You need to have been in KiwiSaver for at least three years.
  • You can’t have made a withdrawal from KiwiSaver to buy a home or land before.
  • You have to be a first-time buyer, intending to live in the home or land you buy.
  • The home or land needs to be in New Zealand.
  • If you’ve previously owned a house, there are some circumstances where you might be able to make a KiwiSaver withdrawal to go towards a house purchase. You’ll need to contact Kāinga Ora, who will determine if you’re in the same financial position as a first-time buyer
  • If you’re planning on buying a house with a partner, if eligible you can both apply for a first home withdrawal.
Please note: you have to leave $1000 in your KiwiSaver Account and any money that has been transferred into your KiwiSaver Account form a complying Australian Superannuation scheme cannot be used.

Second Chance Home Buyer KiwiSaver Withdrawal

If you’ve owned property before, you may qualify for a second chance home buyer withdrawal. You many also qualify for the HomeStart Grant. To check eligibility and find out more go to Kāinga Ora.

KiwiSaver First Home Grant

If you’re been making regular KiwiSaver contributions for at least three years, you may also be eligible for a First Home Grant – previously called KiwiSaver HomeStart Grant. This is paid by the government and administered by Kāinga Ora.