Applying for a KiwiSaver first home withdrawal

If you’re close to buying your first home or piece of land, it’s time to think about getting your KiwiSaver first home withdrawal application ready.


Am I eligible for a KiwiSaver first home withdrawal?

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.
  • You're a first-time property or land owner.
  • The property or land is in New Zealand.
  • You're going to live in the home you're buying or build a home to live in on the land you're buying.
  • It's the first time you've made a KiwiSaver withdrawal to buy a home.
  • If you have previously owned a home before, you may qualify for a previous home owner withdrawal through Kāinga Ora.


How much can I withdraw?

If you meet the eligibility criteria, you’ll be able to use your KiwiSaver savings to put towards the purchase of your first home. You'll need to leave a minimum balance of $1,000 in your KiwiSaver account and you cannot withdraw any amount transferred from an Australian complying superannuation fund.

To find out how much your KiwiSaver first home withdrawal amount might be, check your ASB KiwiSaver Scheme account balance in FastNet Classic internet banking or send us an enquiry. Remember to use it as an estimate only, as your KiwiSaver balance can fluctuate daily.


Getting your KiwiSaver first home withdrawal application ready

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.

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

  1. A letter of undertaking from your lawyer or conveyancing practitioner (on their letterhead).
  2. A pre-printed deposit slip for your lawyer or conveyancing practitioner's trust account.
  3. A copy of your ID.
  • A copy of your sale and purchase agreement showing you as the purchaser.
  • An approval letter from Housing New Zealand Corporation if you’re applying as a previous home owner.
  • Evidence of your right to occupy Māori land if you’re buying a private home on Māori land.


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:

  • 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.
  • A KiwiSaver first home withdrawal cannot be made after settlement. This is because once you’re a home or land owner you no longer meet the withdrawal criteria.
  • 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.
  • 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.

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Other helpful guides

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.business.govt.nz/disclose (search for ASB KiwiSaver Scheme).

ASB KiwiSaver Scheme Applying for a KiwiSaver first home withdrawal