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.
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Am I eligible for a KiwiSaver first home withdrawal?
You’ll be eligible for a KiwiSaver first home withdrawal if:
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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.
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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:
- Your KiwiSaver first home (or previous home owner) withdrawal application form and New Zealand statutory declaration. The application form includes details about the following:
- A letter of undertaking from your lawyer or conveyancing practitioner (on their letterhead).
- A pre-printed deposit slip for your lawyer or conveyancing practitioner's trust account.
- 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.
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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:
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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 investment timeframe is likely to be different now that you're saving for retirement. Use our Help me choose tool to see which fund we recommend for your investment timeframe.
- 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
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).
