How it works.

As well as providing for you in retirement, KiwiSaver is also designed to help Kiwis get onto the property ladder. As long as you qualify, you could withdraw most of your savings to buy your first home – then start building up your balance again for when you reach 65.

First home basics.

The pros and cons of withdrawing your money

Is it a good idea to take a lump sum out of your KiwiSaver fund to use as part of a first home deposit? You should consider the potential costs and benefits before you make a decision.  

On the upside you get to own your own home, which is exciting, and owning a home is an important way to protect yourself from rent rises in retirement. It also gives you the option to downsize eventually, freeing up extra cash. Property tends to increase in value, so is also an investment, like KiwiSaver. 

On the downside, withdrawing a lump sum will reduce your balance when you reach retirement compared to not taking any money out for a first home.  Buying a first home without tapping into your KiwiSaver investment will likely lead to a higher balance to use when you turn 65.

Ready to buy.

Quick help.

Next steps.

Talk to a Mobile Mortgage Manager

Talk your options through with an expert, at a time and place that suits you.

Find a Mobile Mortgage Manager

Apply to withdraw

Once you've found your home and have a sale and purchase agreement, you're ready start the application process.

Download application form

Talk to a specialist

Get in touch to talk about KiwiSaver.

Talk to us

Things you should know.

1 (Limited exceptions regarding land holdings apply). However, in some cases you may qualify as a previous home buyer and be considered by Kāinga Ora to be in the same financial situation as a first home buyer.

References to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability or content of such websites.

BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme.

The information above is subject to changes to government policy and law, and changes to the Scheme from time to time.

*Investments made in the Westpac KiwiSaver Scheme (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 supervisor), or any director or nominee of any of those entities, or any other person guarantees the Scheme's performance, returns or repayment of capital.

For a copy of the Product Disclosure Statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254 or from overseas +64 9 375 9978 (international toll charges apply). You can also download the Product Disclosure Statement.

The ratings issued by SuperRatings Pty Ltd ABN 95 100 192 283 AFSL 311880 (SuperRatings) for Westpac KiwiSaver Scheme (‘Platinum’ rating), are as of 23 November 2021. SuperRatings does not guarantee the data or content contained herein to be accurate, complete, or up-to-date, and it will not have any liability for its use or distribution. Ratings are not financial advice for the purposes of the Financial Markets Conduct Act 2013. Consider your personal circumstances, read the product disclosure statement, and seek independent financial advice before investing. SuperRatings uses objective criteria and receives a fee for publishing awards. Visit for ratings information and to access the full report. © 2021 SuperRatings. All rights reserved.