First Home KiwiSaver Calculator
Project the KiwiSaver-derived deposit you'll have at your target purchase year. Combines a balance projection, the first-home withdrawal rule (full balance minus the $1,000 reserve, eligible since 2015), and a deposit-gap check against a target purchase price.
Last updated: May 2026 · Illustrative only — not financial advice. The KiwiSaver HomeStart Grant was discontinued 22 May 2024 (Budget 2024) and is not included.
Show the working
- Annual employee contribution
- $2,250 (3% of salary)
- Annual employer contribution
- $2,250 (statutory 3%, gross — ESCT not modelled)
- Annual Member Tax Credit
- $521 (50¢ per $1, capped $521.43/yr)
- Total annual contribution
- $5,021
- Years to compound
- 5
Compounding formula: balance = (balance + annual_contribution) × (1 + return) for each year. Real-world returns are volatile and fees reduce returns — see our fees-impact calculator for a sense of how a 1% fee difference compounds.
How the calculation works
The calculator does three things in sequence. First, it estimates your annual KiwiSaver contributions (employee + employer + government Member Tax Credit). Second, it compounds your current balance plus those contributions at the return rate you specify, for the number of years between your current age and your target purchase age. Third, it subtracts the $1,000 reserve required under the KiwiSaver Act to give the amount actually withdrawable for a first-home deposit.
The three contribution components — employee (3–10% of salary), statutory employer (3%, gross of ESCT), and Member Tax Credit (50¢ per $1 of member contribution, capped $521.43/year) — match Inland Revenue's framework. The compounding model assumes a single annual return continues across the period; real-world returns are volatile, so treat the projection as a planning input, not a forecast.
The deposit-gap check compares your withdrawable amount to a target deposit (% of a target purchase price). If you fall short, options include raising your contribution rate, lengthening the time horizon, lowering the target price, or applying for Kāinga Ora's First Home Loan (5%-deposit eligible). The KiwiSaver HomeStart Grant was a separate Kāinga Ora subsidy that closed for new applications on 22 May 2024; see our grant guide for the historical context.
What the calculator does not model
- ESCT — Employer Superannuation Contribution Tax reduces the headline 3% employer contribution by your marginal tax tier. The calculator uses the gross 3% figure for simplicity; real net-of-ESCT contributions are 1.5–2.7% depending on income.
- Fund fees — fees reduce the effective return. The difference between a low-fee fund and a high-fee fund compounds materially over multi-decade horizons. See our fees-impact calculator for a worked example.
- Salary growth — contributions are held constant at the salary you enter. Real wages typically grow 1–3% above inflation, lifting the contribution base.
- Contribution holidays — Savings Suspensions (up to 12 months at a time) reduce projected balance proportionally. Not modelled.
- Volatile returns — the calculator uses a fixed annual return. Real-world fund returns vary substantially year-on-year, especially for higher-risk funds. A multi-scenario projection would be more honest; the single-rate version is intentionally simpler for first-pass planning.
- First Home Loan eligibility — Kāinga Ora's 5%-deposit First Home Loan has income caps and house-price caps that vary by region and change periodically. The calculator's deposit-gap check uses your typed deposit %; the eligibility test is separate. See our eligibility guide for the current rules.
Frequently asked questions
- How much of my KiwiSaver balance can I withdraw for a first home?
- You can withdraw your entire KiwiSaver balance — including employee contributions, employer contributions, government Member Tax Credits, and investment returns — minus a $1,000 minimum that must remain in the account. This was expanded in 2015 to include employer + government contributions; before that, only employee contributions were withdrawable. See the KiwiSaver Act 2006 (Schedule 1, clause 8) for the legal basis.
- Does the First Home Grant still exist?
- No. The KiwiSaver HomeStart / First Home Grant administered by Kāinga Ora was discontinued on 22 May 2024 (Budget 2024). Applications closed that day. The two surviving first-home support mechanisms are: (a) the KiwiSaver first-home withdrawal itself, and (b) Kāinga Ora's First Home Loan, which lets eligible buyers borrow with a 5% deposit. See /first-home/grant for the historical context.
- Can I use KiwiSaver to buy an investment property?
- No. First-home withdrawals are restricted to a home you intend to live in. You also cannot have owned a home before — though some previous homeowners in a financial position comparable to a first-time buyer can still qualify (Kāinga Ora administers the test).
- How long does the withdrawal take?
- Most providers process the withdrawal within 10–15 working days after receiving the signed sale and purchase agreement and the provider-specific forms. The funds are paid to your solicitor, not to you directly.
- Are the calculator's numbers exact?
- No — every figure is illustrative. Real KiwiSaver returns are volatile (the calculator assumes a single average return rate continues), fund fees reduce the balance, and Employer Superannuation Contribution Tax (ESCT) reduces the headline 3% employer contribution by your marginal tax tier. Use the projection as a planning input, not an exact forecast.
Related pages
- First-home withdrawal guide — the full rules and how the application works
- First Home Grant guide — current Kāinga Ora income + house-price caps
- First-home eligibility — who qualifies (KiwiSaver + Grant)
- How much you might withdraw — illustrative worked examples
- KiwiSaver retirement calculator — long-horizon planning
- Fees-impact calculator — how fees compound over time
- Methodology · Data sources
