KiwiSaver first-home withdrawal: plan the paperwork early

Your KiwiSaver balance is not automatically the amount available for a first-home purchase. Confirm eligibility and the withdrawable amount with your provider before including the funds in a firm buying budget.

Check eligibility directly

Inland Revenue explains that first-home withdrawals generally require at least three years in KiwiSaver. At least $1,000 must remain, and money transferred from an Australian complying superannuation scheme cannot be withdrawn for this purpose. Your provider must assess your circumstances and the applicable conditions.

If you have owned property before, do not assume you qualify or are automatically excluded: ask about the relevant previous-homeowner process. Do not treat a general online summary as approval for your application.

Match the withdrawal to the purchase timetable

Ask your provider for its forms, supporting documents and processing time. Discuss with your lawyer whether the funds can be used for the contractual deposit or settlement, and what must happen before they can be released. Avoid signing on the assumption that the money will arrive immediately.

Keep the mortgage application consistent

Use the confirmed available amount in your deposit budget. Keep ordinary savings and other contributions visible separately so the same funds are not counted twice. Tell your adviser if the available withdrawal changes before settlement.

Questions to take to your provider

• What evidence confirms my eligibility and available amount?
• Which documents must my lawyer provide?
• What is the deadline for this particular purchase?
• What happens to the funds if the purchase does not complete?

Withdrawal eligibility is separate from mortgage approval. Our home loan service can help coordinate financing, while your KiwiSaver provider and lawyer confirm withdrawal arrangements.