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Using KiwiSaver

Home Using KiwiSaver

KiwiSaver is a popular savings scheme that many New Zealanders are a part of. It is a great way for people to save for their retirement and the purchase of their first home.

KiwiSaver has many benefits, including MTCs (Member Tax Credits, a bit like a small KiwiSaver tax refund), the ability to withdraw it for your first house, and a 3% employer contribution, to name a few.

Using KiwiSaver for your first house deposit

These days it is common for new home buyers to use their KiwiSaver to buy their first house. KiwiSaver has a few withdrawal rules, but it can be a great way to help fund a house you want to live in.

A good mortgage broker or financial adviser can help you through this process. Our business is very experienced with helping people use KiwiSaver for their first house. You will have the opportunity to work with a professional adviser that can guide you through the necessary paperwork in order to use KiwiSaver towards your first house.

If you have owned a house before, and no longer do, you may still be able to use your KiwiSaver. There is a ‘second chance’ KiwiSaver programme, and although it has additional criteria, it could be worth looking into.

How to withdraw your KiwiSaver for your first house

Have a chat with us. The professional adviser that will work with you can guide you through the necessary steps, as well as other parts of arranging a home loan or mortgage.

How much KiwiSaver can be used?

Generally you can withdraw all of your KiwiSaver, apart from $1,000, and any money earned from Aussie Super / Australian Transfers (if any). There are some additional criteria.

How much money is needed in KiwiSaver?

If you’re wondering if there is enough money in your KiwiSaver to buy a house, you can ask us to run a quick calculation. As a starting point, you might need upwards of 10-20% of a house’s purchase price as your deposit. But there are other factors to take into consideration that can change how much deposit is needed. If there isn’t enough money in your KiwiSaver, you can also use some of your savings. You may also be eligible for government assistance, such as the HomeStart Grant.

Combining KiwiSaver balances to buy a house

It is possible to use both your KiwiSaver as well as that of a co-buyer of the house, such as your spouse or partner. For example, if you have $30,000 in your KiwiSaver available to withdraw, and your partner has $20,000 KiwiSaver available to withdraw, you may be able to use these together.

Being in the right KiwiSaver fund

It is also worth making sure you are in the right KiwiSaver fund. Many New Zealanders have no idea as to what fund they are in, or whether they are with the right scheme provider. While it can seem obvious to have KiwiSaver with your bank for convenience, there are numerous other providers out there that are doing a great job, which is why more and more people are now choosing alternative KiwiSaver providers.

More information

If you’d like more information about different KiwiSaver funds that could be of interest, or want to know if you can use your KiwiSaver for your first house, contact us as a starting point.


Just Financial is a professional financial adviser service and helps you with buying a home, using your KiwiSaver, insurance and more. Ask us to help you with your financial goals.

  • Home loans
  • Using your KiwiSaver
  • Saving money on your mortgage
  • Refinancing or debt consolidation
  • Low interest rates

  • Life insurance
  • Mortgage protection insurance
  • First home buyers
  • Help when the bank says no
  • Construction loans

Get Help From An Award Winning Financial Adviser

Want to buy a house? Looking for an amazing mortgage broker? Buying a house can be a challenging process. With the right advice, this can be made easy. Just Finance provides a professional mortgage broker service that can help you right throughout New Zealand. From first home buyers, to investors, as well as people who already have a house and want to refinance, there are many ways we help.



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