How To Buy Your First Home With KiwiSaver

Date Jul 13, 2020
Blog category Kiwisaver
By Michael Speight


Since the scheme launched in 2007, more than 100,000 people have used KiwiSaver to buy their first home.

Most people are aware that KiwiSaver can be used for two purposes: to save money for your first home deposit or save money toward your retirement fund.

This creates an incentive for both young people and seasoned workers to join the KiwiSaver scheme.

So how does KiwiSaver work? Below, we’ll cover the KiwiSaver First Home Withdrawal policy, KiwiSaver HomeStart grant and KiwiSaver Comparison Tools.

How to Use KiwiSaver to Purchase Your First Home

While the primary purpose of KiwiSaver is for retirement savings, you can withdraw money to use as a deposit for purchasing your first home.

The KiwiSaver HomeStart grant is administrated by Housing New Zealand and is what you will use for your first home deposit.

You can withdraw as much as you need for your first home deposit, granted you have a minimum balance of $1,000 in your account.

This includes all of your contributions, employer contributions, returns on investment, and any member tax credits that have accumulated in your account.

KiwiSaver HomeStart Grant Criteria

In order to be eligible for the KiwiSaver HomeStart grant, you must meet the following criteria:

  • You are a contributing KiwiSaver member for at least three years
  • You are 18 years or older
  • This must be your first home purchase
  • The deposit must be 10 per cent or more of the purchase price
  • You plan to live in the house for at least six months
  • You have a before-tax household income of $85,000 per year (for one person)


  • You have a before-tax household income of $130,000 per year (for two or more people).

While the HomeStart grant is for first-home buyers, you can still apply for a grant if you have purchased a home before, however this is approved on a case-by-case basis.

How to Apply For the KiwiSaver HomeStart Grant:

You can apply for the KiwiSaver HomeStart grant through the Housing New Zealand website. As long as you meet the requirements stated above, you are eligible to apply.

An application must be made at least four weeks prior to the date your deposit is required, otherwise, your claim could be rejected due to processes that need to be finalised.

Criteria and terms can vary depending on your situation, such as buying your home with more than one other person.

Get The Most Out Of KiwiSaver and Compare KiwiSaver Funds:

Planning on buying your first home in the near future? Make sure that you are making full use of KiwiSaver and on the right account to maximise your savings.

Compare KiwiSaver funds with our free online tool, allowing you to review the additional savings that you can make on other fund accounts.

There are plenty of fund options available, and many individuals are unaware of how easy it is to both compare Kiwisaver funds and choose the best for their situation.

At glimp, we want to help you choose the best plan for your future, so try our KiwiSaver Comparison Tool Today.

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