First home buyers and KiwiSaver

If you are looking to use your KiwiSaver investment as a deposit towards your first home, first off, congratulations, buying your first home is a huge milestone that we are excited to help you achieve.

After being a member of KiwiSaver for three years you can apply to withdraw all or part of your KiwiSaver savings (however you must leave a minimum balance of $1,000 plus any amount transferred from an Australian superannuation fund in your KiwiSaver account) and use it towards the purchase price of your first home.

Are you eligible?

You are eligible for a first home withdrawal if you:

• have been a KiwiSaver member for at least three years;

• have not made a withdrawal from your KiwiSaver account for the purchase of a home before;

• intend to live in the property; and

• are buying your first home (or have confirmation from Kāinga Ora that you are eligible to apply for a second home purchase).

If you have owned a property or land before and your financial position is considered the same as a first home buyer you may be able to apply to Kāinga Ora to be considered for a withdrawal as a 'previous home owner' home buyer. Visit Kāinga Ora's website for more information.

How do you apply?

Fisher Funds KiwiSaver Scheme or Fisher Funds TWO KiwiSaver Scheme

1. Once you have found a home you want to buy, let your solicitor know you want to use funds from your KiwiSaver account to help with the purchase.

2. Most banks or mortgage brokers require a First Home Buyer's Letter. Follow these steps to generate your letter:

   • Head to fisherfunds.co.nz and click on the Login button on the top right corner of the page.

     • On a desktop computer, click on "Investment tools" in the menu and select "First Home Buyer's Letter".

     • On your mobile device, click on the white account card displaying your name and KiwiSaver balance. In the next screen, you'll see 3 dots in the top right corner - click on the dots and select “First Home Buyer's Letter” from the dropdown menu.

     • Or if you have the mobile app, click on “more” in the bottom right hand corner and select “Get first home buyer’s letter”.

     • Once you have answered the eligibility questions, you'll be all set to download a copy of your letter.

3. Take our withdrawal form to your solicitor to complete then return it to us with:

   • a copy of your certified ID;

   • your Sale and Purchase agreement;

   • your Solicitor's letter; and

   • a deposit slip for your Solicitor's trust account.

All documentation needs to be with us at least 15 working days before your settlement date.

Fisher Funds KiwiSaver Plan

1. Once you have found a home you want to buy, let your solicitor know you want to use funds from your KiwiSaver account to help with the purchase.

2. Most banks or mortgage brokers require a First Home Buyer's Letter, contact our team to get a copy of this letter.

3. Take your withdrawal form to your solicitor to complete then return it to us with:

   • a copy of your certified ID;

   • your Sale and Purchase agreement;

   • your Solicitor's letter; and

   • a deposit slip for your Solicitor's trust account.

All documentation needs to be with us at least 15 working days before your settlement date.

How will the payment be made?

The funds will be transferred to your solicitor's trust account prior to settlement and will be paid to the vendor as part of the purchase price for an unconditional sale, or as the deposit (or part of it) if that is a condition of your sale and purchase agreement. If the agreement is not completed then your solicitor will pass the funds back to Fisher Funds to be reinvested in your KiwiSaver account.

First Home Calculators

Open the Fisher Funds KiwiSaver Scheme First Home Calculator >

Open the Fisher Funds TWO KiwiSaver Scheme First Home Calculator >

First Home Grant

Following on from the recent Government announcement, Kāinga Ora have advised that from 1pm on 22 May 2024 they are unable to accept any new applications for First Home Grants, however all applications lodged before then will continue to be processed.

Visit the Kāinga Ora website for more information.