KiwiSaver First Home Withdrawal Calculator

When buying your first home, you can withdraw most of your KiwiSaver balance — specifically all your own contributions, your employer contributions, and any investment returns — but you must leave a minimum of $1,000 in your account at all times. Note that any government contributions (member tax credits) received since 1 July 2019 must also remain in your account. There is no upper limit on the amount you can withdraw, so if you have a large balance built up over many years it can significantly reduce the mortgage you need. The withdrawal applies only to the purchase of a primary residence — it cannot be used for investment properties or holiday homes. Your KiwiSaver provider processes the withdrawal, not IRD, and it typically takes 10–15 working days. Source: Kāinga Ora — KiwiSaver First Home Withdrawal (kaingaora.govt.nz); IRD (ird.govt.nz/kiwisaver).

There is no prescribed minimum balance for a KiwiSaver first home withdrawal, but the rules require that you leave at least $1,000 in your account after the withdrawal. This means you need more than $1,000 saved before a withdrawal is worthwhile. More importantly, you must have been a KiwiSaver member for at least 3 years and made contributions for that period — membership duration is the key eligibility gate. If you joined KiwiSaver and then took a contributions holiday, you may still qualify if your total membership period reaches 3 years. The $1,000 minimum retained balance is designed to keep your account active so you continue to benefit from KiwiSaver for retirement. Your provider will confirm your exact eligible withdrawal amount when you apply. Source: IRD — KiwiSaver First Home Withdrawal (ird.govt.nz/kiwisaver); Kāinga Ora (kaingaora.govt.nz).

Yes, KiwiSaver first home withdrawal can be used for both new builds and existing homes — the eligibility criteria are the same for both. However, the key difference lies in the First Home Grant (a separate Kāinga Ora scheme): new builds attract a higher grant of up to $10,000 per person, while existing homes attract up to $5,000. New builds also have higher house price caps under the First Home Grant, meaning buyers in expensive regions like Auckland and Wellington can access more assistance when purchasing a newly constructed home. A new build is generally defined as a home that has not previously been lived in and has a Code of Compliance issued no more than 12 months before the purchase date. The KiwiSaver withdrawal itself has no different rules between new and existing — only the associated grant scheme differs. Source: Kāinga Ora — First Home Grant (kaingaora.govt.nz).

You must have been a KiwiSaver member for a minimum of 3 years before you can make a first home withdrawal. This 3-year continuous membership requirement means you need to have been enrolled in KiwiSaver (though not necessarily contributing the entire time — savings suspensions or contributions holidays do not automatically reset the clock as long as you remained a member). The 3-year clock starts from the date you first enrolled in a KiwiSaver scheme, not from when your employer started making contributions. If you transferred from an overseas pension scheme into KiwiSaver, you generally cannot count that overseas service time toward the 3-year requirement. Once you meet the 3-year rule along with other eligibility criteria (first home, primary residence, NZ citizen or permanent resident), you can apply through your KiwiSaver provider. Source: IRD — KiwiSaver First Home Withdrawal; Kāinga Ora (kaingaora.govt.nz).