KiwiSaver First Home Withdrawal Calculator
Estimate your withdrawable balance, check Kāinga Ora First Home Loan eligibility, and see your deposit gap against 20% / 10% / 5% lending thresholds.
Key Takeaway
You can withdraw almost your entire KiwiSaver balance — minus a $1,000 retained minimum and any Australian-sourced transfers — after 3 years of membership. The First Home Grant was abolished in Budget 2024; the Kāinga Ora First Home Loan (5% deposit, income-capped at $95k / $150k) remains available.
Key Facts
Min Retained
$1,000
Min Membership
3 years
First Home Loan cap
$95k / $150k
Low-deposit option
5%
First Home Grant abolished (May 2024)
The Kāinga Ora First Home Grant closed to new applications on 22 May 2024 (Budget 2024). This tool estimates your KiwiSaver withdrawal and Kāinga Ora First Home Loan eligibility only. Older calculators still showing a grant are out of date.
Enter a purchase price to see your deposit gap against 20% (standard), 10% (low-deposit), and 5% (Kāinga Ora First Home Loan).
How KiwiSaver First Home Withdrawal Works
Under Schedule 1 of the KiwiSaver Act 2006, members who have been contributing for at least 3 years can withdraw almost their entire balance to buy a home to live in. Withdrawable components include member contributions, employer contributions, investment returns, fee subsidies, and — since 1 April 2020 — government contributions (the member tax credit).
A minimum of $1,000 must remain so your account stays open. Any retirement savings transferred from an Australian complying super fund under Trans-Tasman portability are ring-fenced for retirement at 65 and cannot be used for a first home.
The withdrawal is released to your solicitor's trust account, not to you personally, and only once you have a signed sale and purchase agreement. Allow 5–10 working days.
First Home Grant abolished — what changed
The Kāinga Ora First Home Grant ($1,000/year for existing homes, $2,000/year for new builds, capped at 5 years of membership) was closed on 22 May 2024 in the government's Budget 2024 savings package. Applications lodged before that date were honoured; no new applications are accepted.
The KiwiSaver withdrawal itself is completely separate and unaffected. If you see a calculator or article telling you to add $5,000–$10,000 of grant money on top of your KiwiSaver, it's out of date.
Kāinga Ora First Home Loan — the remaining leg-up
Since the grant's removal, the Kāinga Ora First Home Loan is the main central-government support for first-home buyers. It's underwritten by Kāinga Ora but issued by partner banks (Westpac, SBS, Kiwibank, Co-operative Bank, Unity Money and others), letting eligible buyers purchase with as little as 5% deposit.
Eligibility:
- Income under $95,000 (single) or $150,000 (combined, whether couples or individuals buying together)
- NZ citizen, permanent resident, or resident visa holder ordinarily resident for 12+ months
- First home, or second-chance equivalent
- Live in the property
- Deposit of at least 5% (including KiwiSaver withdrawal)
House price caps were removed in 2023 for this scheme. Normal bank lending tests (serviceability, credit history, debt-to-income) still apply.
Frequently asked questions
Who is eligible for the KiwiSaver first home withdrawal?
You must be a KiwiSaver member for at least 3 years, be buying your first home (or have a Kāinga Ora 'second-chance' determination saying your financial position is equivalent to a first home buyer), and intend to live in the property for at least 6 months. Trans-Tasman transferred funds from Australian super are excluded.
How much of my KiwiSaver can I withdraw?
You can withdraw your member contributions, employer contributions, investment returns, government contributions (member tax credit, withdrawable for first home from 1 April 2020), and any fee subsidy — minus a minimum $1,000 retained balance. Australian-sourced funds transferred under Trans-Tasman portability cannot be withdrawn for a first home.
Is the First Home Grant still available?
No. The First Home Grant was abolished in Budget 2024 and stopped taking applications on 22 May 2024. Older calculators and articles still showing a $5,000–$10,000 grant are out of date. The KiwiSaver first-home withdrawal itself is unchanged.
What is the Kāinga Ora First Home Loan?
A government-underwritten loan that lets eligible buyers purchase with a 5% deposit instead of the usual 20%. Issued by partner banks, income capped at $95,000 single or $150,000 combined. House price caps were removed in 2023. Standard bank affordability tests still apply.
Can my partner and I both withdraw KiwiSaver?
Yes. If you are both KiwiSaver members, you can each make a first home withdrawal from your own accounts provided each of you individually meets the 3-year membership rule. Each must leave $1,000 in their own account.
I've owned a home before — am I out?
Not necessarily. If Kāinga Ora determines your financial position is equivalent to a first home buyer (s218B KiwiSaver Act — often called 'second-chance' or 'previous home owner'), you can still make the withdrawal. You'll need a Determination of Eligibility letter before your provider releases funds.
How long does the withdrawal process take?
Once you have a signed sale and purchase agreement, contact your KiwiSaver provider. Funds are paid directly to your solicitor's trust account, not to you personally. Allow 5–10 working days for the release.