KiwiSaver available for a first-home deposit.
KiwiSaver you can withdraw
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Total deposit available
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Your breakdown
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Turning your KiwiSaver into a deposit
For most first-home buyers in New Zealand, KiwiSaver is the single biggest lump of deposit they can reach. After at least three years of membership you can withdraw almost the whole balance toward buying your first home, including your own contributions, your employer’s contributions, the annual government contribution, and all the investment returns on top. The one rule is that at least $1,000 has to stay behind to keep your account open. This calculator subtracts that $1,000, checks you have hit the three-year mark, and adds your other cash so you can see the deposit you can actually put on the table.
The three-year clock and the $1,000 floor
Two conditions drive the result. First, eligibility: you need at least three years of KiwiSaver membership, counted from your first contribution, not from when you opened the account. Enter fewer than three years and the tool correctly shows zero withdrawable, because Inland Revenue will not release the funds yet. Second, the residual: the law requires $1,000 to remain, so the withdrawable amount is your balance minus that $1,000. Everything above it can come out and go to your solicitor in time for settlement.
A $45,000 balance, six years in
Take a buyer with $45,000 in KiwiSaver who joined six years ago and has $20,000 saved elsewhere. They clear the three-year test, so they can withdraw $45,000 less the $1,000 floor, which is $44,000. Added to their $20,000 cash, that gives a $64,000 deposit. On an $800,000 first home that is exactly the 8 percent that starts to make a lender comfortable, though it still sits below the 20 percent that avoids low-equity charges.
What changed in 2024, and the catches that remain
The old First Home Grant, which added up to $10,000 of government money on top of your withdrawal, was discontinued in 2024. That makes the withdrawal itself the main KiwiSaver support for buyers now, so do not budget for a grant you can no longer claim. A few conditions still bite. You must intend to live in the home, not rent it out, so the withdrawal is for owner-occupiers. If you have owned property before you are usually not a first-home buyer, although Kainga Ora can issue a second-chance determination for people in the same financial position as a first-timer. And the money has to land with your solicitor before settlement, which means starting the withdrawal request early, since providers can take a couple of weeks to process it.
Who this is for
This is for renters mapping out whether they can buy this year and for couples pooling two KiwiSaver balances, which is where the numbers get exciting, because two members each draw down to their own $1,000 floor. A practical tip from many first purchases: run both partners through the tool separately, then add the totals, and only then talk to a mortgage adviser about the loan you can support. Remember there is no general capital gains tax in New Zealand and your family home is also outside the two-year bright-line test, so the home you buy with this deposit will not face a gains tax when you eventually sell it as your main residence.
Can my partner and I both withdraw for the same house?
Yes, as long as you each individually meet the three-year membership test and the first-home conditions. You both leave $1,000 behind, so a couple with $45,000 each could contribute $88,000 between them. The tool models one person at a time; run it twice and add the results.
What if I have owned a home overseas?
Owning property anywhere, including overseas, normally means you are not a first-home buyer for the standard withdrawal. The route back in is a Kainga Ora second-chance determination, which looks at whether your current assets and income are similar to a first-time buyer’s. Apply for that before assuming you qualify.
How long does the withdrawal take to come through?
Plan on two weeks or more. Your provider needs the request plus supporting documents from your solicitor, and the funds are paid to the solicitor’s trust account, not to you. Start the paperwork as soon as your offer is accepted so the cash is ready by settlement day.