KiwiSaver and purchasing a home

Using KiwiSaver contributions to buy your first home

Join or transfer to Westpac KiwiSaver Scheme.
First home purchase withdrawal

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If you are a first home buyer (or you qualify as a second chance home buyer – see below) you can apply to withdraw any contributions you and your employer have made to your KiwiSaver scheme to help purchase a home.
You need to meet all of the following requirements:
You have been a KiwiSaver member for three years or more  
You have never made a withdrawal from a KiwiSaver scheme for purchasing a home before  
The property is intended to be your principal place of residence  
You have never owned a house or land before or you have owned a house or land before but Housing New Zealand Corporation (Housing New Zealand) determines that you are in a similar financial position to a first home buyer (further details are available on the Housing New Zealand website www.hnzc.co.nz).  
Applying for a first home purchase withdrawal
If you meet the above criteria, you can apply to make a first home purchase withdrawal when you have an unconditional sale and purchase agreement, and at least 10 working days prior to the settlement date.
Before you apply, you may call 0508 972 254 for an estimate of the amount available for withdrawal (if the Trustee approves your application).
If the withdrawal is approved by the Trustee, it will be paid to your solicitor’s trust account and will be used to pay part of the purchase price to the vendor on the settlement date. If the settlement is not completed by the due date (or any agreed extended date), the funds must be repaid by your solicitor to the Trustee of the Westpac KiwiSaver Scheme for crediting to your account.
First home purchase withdrawals cannot be used as part of a deposit paid to a real estate agent at the time the sale and purchase agreement goes unconditional.
> Download KiwiSaver Home Purchase Withdrawal Form
Before you make any investment decisions we recommend you read all documents carefully.
> Download the Westpac KiwiSaver Scheme Investment Statement and application form (PDF 268Kb)
First home purchase subsidy (available through Housing New Zealand)
You can apply for the home purchase subsidy through Housing New Zealand if you have belonged and contributed to one or more KiwiSaver schemes for at least three years in total.
The subsidy is $1,000 for each year of contributions to KiwiSaver, up to a maximum of $5,000  
You can buy a property with other people. If this is the case, you may each qualify for a subsidy  
You may only receive the subsidy once.  
Eligibility criteria for this subsidy are determined by Housing New Zealand and include minimum contribution levels as well as income and regional purchase price caps. Subsidies are paid by the Government. The subsidy facility is administered by Housing New Zealand. Further details are available from www.hnzc.co.nz
Second chance home buyer
(Members will need to apply to Housing New Zealand to determine whether they qualify as a second chance home buyer for the withdrawal and subsidy).
The home purchase withdrawal facility and home purchase subsidy are also available to some home buyers who have previously owned property but have never used either facility and are in a similar position to a first home buyer in terms of matters such as income, assets and liabilities.
For full details on eligibility and more information see www.hnzc.co.nz
Home Purchase Withdrawal FAQs
> How much can I withdraw from my KiwiSaver Scheme?

> When should I apply for the first home purchase withdrawal?

> Can I use the withdrawn money to buy a home that I plan on renting out?

> What kind of home can I buy?

> Where does the home purchase withdrawal money get paid to?

> What do I need to do?

> What happens if the purchase of the home falls through?

> What happens if I have already held property as a trustee?

First home purchase subsidy FAQs
> What are the eligibility criteria for the home purchase subsidy?

> How do I apply for the first home purchase subsidy?



Disclosure Statements for Westpac investment advisers are available on request and free of charge from any Westpac investment adviser. The material on this website is provided for general information purposes only and is not a recommendation or opinion in relation to the Westpac KiwiSaver Scheme. You should not rely solely on the information on this website. We recommend that you consult a Westpac investment adviser if you would like advice in relation to the Westpac KiwiSaver Scheme.

References to non-Westpac websites and material are provided for your convenience and Westpac accepts no responsibility for the availability or content of such websites or material. Investments made in the Westpac KiwiSaver Scheme do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as issuer), or any director or nominee of any of those entities, or any other person guarantees Westpac KiwiSaver Scheme’s performance, returns or repayment of capital.
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