KiwiSaver withdrawal for the purpose of purchasing a first home
Who can apply?
A KiwiSaver member may apply for a first home withdrawal, provided:
- at least three years has passed since the Commissioner received the first contribution for the member, or the member has been a member of one or more KiwiSaver schemes for at least three years; and
- the member has not made a withdrawal from a KiwiSaver scheme for the purchase of a home before; and
- the property the member is purchasing is, or is intended to be, the principal place of residence for the member or for the member and the member’s family; and
- the property the member is purchasing qualifies as an estate in land within the meaning of the KiwiSaver Act 2006; and
- prior to applying for a first home withdrawal, the member has not held an estate in land whether alone or jointly with another person, i.e. has never purchased a property before.
In certain circumstances, previous home owners may be eligible for the first home withdrawal (see “Second Chance” below).
Other exceptions
A KiwiSaver member may still be eligible if they hold, or previously held, an estate in land:
- as a bare trustee: or
- as a trustee who is a discretionary, contingent, or vested beneficiary under the relevant trust; but has no reasonable expectation of being entitled to occupy the land as the principal place of residence for the person or the person’s family until the death of the person who currently occupies the land (the occupier) or the death of the occupier’s survivor.
For the purposes of the KiwiSaver Act 2006, estate in land means a fee simple, leasehold or stratum estate.
What can I withdraw?
This one-off KiwiSaver withdrawal does not include the Government $1,000 kick-start or Member Tax Credits (disregarding any positive or negative investment returns for the purpose of calculating the amount of Government contributions).
How to apply:
KiwiSaver members need to complete the KiwiSaver First or Second Chance Home Withdrawal Pre-Approval Form available here. Payments will only be made to the KiwiSaver member’s solicitor.
Before a withdrawal can be made, the trustee will require the following:
- a pre-printed bank deposit slip from the member’s solicitor’s trust account; and
- a certificate from the member’s solicitor enclosing a copy of the sale and purchase agreement which clearly shows the member as the purchaser and contains an undertaking in a form acceptable to the trustee, relating to the unconditional nature of the agreement and the application of funds withdrawn.