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.
You’ll be eligible for a KiwiSaver first home withdrawal if:
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.
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:
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:
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:
Ready for the next step? Apply online and start saving.
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).