Free KiwiSaver First Home Withdrawal Calculator for New Zealanders
After three years of KiwiSaver contributions, members can withdraw their balance toward a first home, leaving the $1,000 minimum in the account. The withdrawal pays through your solicitor at settlement.
Your first home
Based on a $50,000 balance, 10 years contributing, $700,000 existing home.
About our KiwiSaver First Home Withdrawal Calculator
The KiwiSaver First Home WithdrawalFirst Home WithdrawalPermission to withdraw KiwiSaver balance (minus $1,000) toward buying your first home.View in glossary → is the central-government’s main support for NZ first-home buyers. After at least three years of KiwiSaver membership, you can withdraw your balance, less the $1,000 minimum that must remain, toward a first-home deposit.
The withdrawal includes everything in the account: your contributions, employer contributions, government contributions, and investment returns. The funds pay through your solicitor at settlement, not into your personal bank account.
The previously-paired First Home Grant from Kāinga Ora ended on 22 May 2024. There is no central-government replacement, so the withdrawal alone is the main KiwiSaver-related deposit support today.
How to use it
Enter your current KiwiSaver balance and the years you have been contributing. The calculator returns the maximum withdrawal (balance minus $1,000) and confirms whether you meet the three-year test.
Why use it
For most NZ first-home buyers, the KiwiSaver withdrawal covers 50-70% of the deposit. Knowing the figure ahead of time helps frame conversations with the bank, the solicitor, and the KiwiSaver provider.
The maths behind it
Withdrawal = Current KiwiSaver balance − $1,000 (minimum that must remain) After at least three years of KiwiSaver membership, members can withdraw their balance toward a first-home deposit, leaving $1,000 in the account. The withdrawal includes employee contributions, employer contributions, government contributions, and investment returns. The funds pay through the buyer’s solicitor at settlement; they cannot be drawn into a personal bank account first.
Worked example
Marcus and Lila, first-home buyers in Ashburton, with $48,000 and $52,000 in KiwiSaver respectively.
Marcus has been in KiwiSaver since 2018; Lila since 2017. Both meet the three-year contribution test. Their combined balance is $100,000, of which $98,000 can be withdrawn (each leaving the $1,000 minimum).
They are buying a $580,000 home in Ashburton with a 20% deposit target of $116,000. The KiwiSaver withdrawal covers $98,000; they need to top up another $18,000 from personal savings.
The First Home Grant scheme that previously added $5,000 (existing) or $10,000 (new build) ended on 22 May 2024 and has not been replaced. Marcus and Lila are buying after that date, so the grant does not apply to their purchase.
Things to keep in mind
- Three-year contribution test. You need to have been a KiwiSaver member for at least three years to qualify. New members who joined less than three years ago cannot use the First Home Withdrawal until the threshold is met.
- Main residence requirement. The home must be your main residence for at least six months after settlement. Purchasing as an investor or renting the property out within the first six months breaches the rules and can trigger repayment of the withdrawal.
- First-home buyer test. You must not have owned residential property before, or you must be in a "second-chance" situation (previously owned but now in a position similar to a first-home buyer, certified by Kāinga Ora). Inherited property is treated separately.
- First Home Grant ended in 2024. The Kāinga Ora First Home Grant scheme stopped accepting new applications from 22 May 2024 and has not been replaced. Calculators or articles still referencing the grant for purchases after that date are out of date.
- Funds settle through the solicitor. The KiwiSaver withdrawal pays directly to your solicitor on the settlement day, not into your personal bank account. The solicitor disburses it as part of the property purchase.
NZ-specific notes
FAQs
How long does the withdrawal take?
Most KiwiSaver providers process the withdrawal within 10-15 business days of receiving a completed application. Apply at least 4-6 weeks before your settlement date to avoid timing issues.
Can I use it for any property?
It must be a residential property in NZ that will be your main residence for at least six months after settlement. Investment properties, holiday homes, and overseas purchases do not qualify.
Does the First Home Grant still apply?
No. The Kāinga Ora First Home Grant ($5,000 for existing homes, $10,000 for new builds) ended on 22 May 2024. There is no central-government replacement as of mid-2026.
What if I am buying with a partner who has owned property before?
Each buyer is assessed individually. The KiwiSaver-eligible partner can use their First Home Withdrawal; the previously-owned-property partner cannot. The combined deposit can still include both partners’ personal savings.
Can I use it twice?
Generally not. The First Home Withdrawal is a once-only entitlement. Some second-chance situations qualify a second time, but only after Kāinga Ora certifies eligibility.
References & sources
- Inland Revenue, "Buying my first home (First Home Withdrawal)". ird.govt.nz
- Kāinga Ora, "First Home Grant scheme (closed 22 May 2024)". kaingaora.govt.nz
- Inland Revenue, "Second-chance home buyers". ird.govt.nz
- Reserve Bank of New Zealand, "LVR restrictions". rbnz.govt.nz