Buying your first home with KiwiSaver

Whether you're thinking about getting on the property ladder or you’re close to buying your first home or land, we’re here to show you how KiwiSaver can help; and how to get your KiwiSaver first home withdrawal application ready.

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KiwiSaver First Home Withdrawal

If you've been in KiwiSaver for at least three years and meet the eligibility criteria, you may be able to make a withdrawal from your KiwiSaver account to help buy your first home.

You’ll be eligible for a KiwiSaver first home withdrawal if:

  • You've been saving with KiwiSaver (or another complying superannuation fund) for at least three years;
  • The property or land is in New Zealand.
  • It's the first time you've made a KiwiSaver withdrawal to buy a home;
  • You're going to live in the home you're buying or build a home to live in on the land you're buying;
  • You're a first-time property or land owner or
  • You have previously owned a home before and have qualified as a previous home owner through Kāinga Ora. For more information visit Kāinga Ora's website or call them on 0800 801 601.

If you've got a partner who has previously owned a home but you haven’t, you can still apply for the withdrawal.

You can withdraw everything in your account except:

  • $1,000; and
  • Money that has been transferred into your KiwiSaver account from a complying Australian superannuation scheme.


Are you on track?

Saving for a deposit? Try our KiwiSaver calculator to check how much you're on track to save.

Remember to use it as an estimate only, as your KiwiSaver balance can fluctuate daily.

Ready to buy and need to check how much of your KiwiSaver balance you can use? Contact us or send us an enquiry for one today.


Kāinga Ora First Home Grant

You could be eligible for a Kāinga Ora First Home Grant of up to $5,000 to buy an existing home, or up to $10,000 if you are building or purchasing a newly built home. If you're doing this with someone else and they're eligible, you could get up to $20,000 between you (for building or buying a newly built home). Kāinga Ora administer this grant.

You can check with Kāinga Ora to see if you are eligible. Income caps, house price caps and other criteria apply.


Making a withdrawal

It takes around ten working days to process a KiwiSaver first home withdrawal application. The money is usually paid to your solicitor who will forward to the vendor on settlement day.

If you've already settled on your house or land, you won't be eligible for the KiwiSaver first home withdrawal as you'll already be a home or landowner.

Here is a summary of the original documentation we will need from you and your solicitor:

  • Your KiwiSaver first home (or previous home owner) withdrawal application form and New Zealand statutory declaration.
  • If you are a non-verified ASB customer, a certified copy of your identity and address verification evidence.
  • Completed letter of undertaking from your lawyer or conveyancing practitioner (these letters are attached to the back of or form).
  • A pre-printed bank deposit slip for your Solicitor or Conveyancing practitioner's trust account.
  • A copy of your sale and purchase agreement showing you as the purchaser.

The following evidence is also required if the below applies:

  • Previous home owner only

    • An approval letter from Kāinga Ora that you qualify as a previous home owner.

  • Purchasing as a Trust

    • Provide a copy of the Trust Deed to show that you are a trustee and beneficiary of the Trust.

  • Purchase of an interest in a building on Māori land only

    • Evidence of your right to occupy the Māori land.

    • If you’re making the withdrawal to buy a relocatable house to put on Maori land, we also require a Sale and Purchase agreement for the relocatable house that’s conditional upon its relocation to Maori land.

    • If you’re building on Maori land, we require a copy of the building contract for the sale and purchase of the house that is being built. It must also name the land that the build is happening on, along with your name as the purchaser.


Things to note

Buying your first home is a big deal. With so much going on, it’s important you don’t get caught out on any details. Try to keep the following top of mind:

  • Check your fund choice. If you're looking to withdraw soon, it’s important to consider whether your current fund choice is still appropriate for your goal timeframe. Use our simple tool that makes choosing a fund easy. If you already bank with us, try our digital KiwiSaver calculator and advice tool to see how you can make the most of your KiwiSaver savings.
  • Tell your lawyer or conveyancing practitioner you want to make a KiwiSaver first home withdrawal. They’ll guide you through the process and any required paperwork. They may charge a fee for this.
  • Buying at auction? If you're successful at auction, it’s unlikely you’ll be able to access your KiwiSaver first home withdrawal amount to put towards the deposit. Be prepared to pay the deposit yourself, unless you’ve agreed otherwise with the vendor before the auction.
  • If the home or land sale doesn’t go through, your lawyer or conveyancing practitioner will need to return your KiwiSaver first home withdrawal amount from their trust account back to your ASB KiwiSaver Scheme account.
  • Hold off transferring between KiwiSaver schemes. It can take around 10 days to transfer between providers, so we’d suggest waiting if you’re about to apply for a KiwiSaver first home withdrawal.


What happens after my KiwiSaver first home withdrawal?

After you've made your KiwiSaver first home withdrawal, you can continue to use your ASB KiwiSaver Scheme account to save for retirement. This is a good time to:

  • Check your fund choice. Your circumstances are likely to be different now that you're saving for retirement. Use our simple tool that makes choosing a fund easy. If you already bank with us, try our digital KiwiSaver calculator and advice tool to see how you can make the most of your KiwiSaver savings.
  • Keep contributing. Your contributions and any employer and annual Government contribution will continue as normal. If you want a break from saving, you will need to make a contributions holiday request to Inland Revenue.
  • Maximise your benefits. Check out our guide for helpful tips on making the most of KiwiSaver.

Join or transfer to the ASB KiwiSaver Scheme

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Ready for the next step? Join or transfer and start saving.

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Call us

Speak to a KiwiSaver specialist.

0800 ASB RETIRE (0800 272 738)

Visit a branch

Visit us at one of our many branches across New Zealand.

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Any questions?

We’ll help with your ASB KiwiSaver Scheme query.

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Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).

ASB KiwiSaver Scheme Buying your first home with KiwiSaver