Using your KiwiSaver for a deposit

KiwiSaver is a voluntary retirement savings scheme that was introduced by the government to help New Zealanders save for their retirement. However, KiwiSaver also offers the option for members to withdraw their funds early to use as a deposit to purchase their first home. To be eligible to withdraw funds from your KiwiSaver for a house deposit, you must have been a member of the scheme for at least three years and have never owned a property before.

To withdraw funds from your KiwiSaver for a house deposit, you will need to make an application to your KiwiSaver provider. The maximum amount you can withdraw is the balance of your KiwiSaver account, minus any government contributions and any fees or taxes that may apply. The funds must be used for the purchase of a first home in New Zealand, which can include an existing home or a new build. If the purchase falls through or the funds are not used for their intended purpose, they must be returned to the KiwiSaver provider. It is important to note that withdrawing funds from your KiwiSaver may impact your retirement savings, so it is important to consider this before making a withdrawal.