What is First Home Withdrawal?
A first home withdrawal allows you to withdraw most of your KiwiSaver savings to buy your first home.
Detailed Explanation
After 3 years of membership, you can withdraw your contributions, employer contributions, and returns (but not the $1,000 kickstart or government contributions before July 2011) for a first home purchase.
Example
After 5 years in KiwiSaver with a $40,000 balance, you could withdraw approximately $38,000 toward your first home deposit.
Frequently Asked Questions
Can I use KiwiSaver for a second home?
Only if you are in a similar financial position to a first home buyer. Special rules apply.
How long does withdrawal take?
Typically 5-10 working days once your provider has all required documents.