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Optio finance
Buying your first home with KiwiSaver
KiwiSaver is a voluntary, work-based savings initiative to help you with your long-term saving for retirement. It has a range of membership benefits including contributions from your employer and the government, as well as help with buying your first-home.
KiwiSaver offers two features to help you into home ownership:
the KiwiSaver first-home deposit subsidy
the KiwiSaver first-home withdrawal.
You can use both of these features to:
buy a home
buy land to build a home on.
Housing New Zealand administers the deposit subsidy which is paid directly to your solicitor, on settlement day.
It may take 5 working days to approve or pre-approve an application for the deposit subsidy. Once eligible, we will give you a letter to confirm the deposit subsidy is available. You can take this to the bank as it counts towards the total finance available you have to buy your first home.
Housing New Zealand requires a 4 week period, from receiving your application to paying the subsidy. After your application is approved, documents are issued to your solicitor to be signed by you and your solicitor and then returned to Housing New Zealand.
Your scheme provider administers the savings withdrawal.
KiwiSaver first-home deposit subsidy
You can apply for the deposit subsidy if you have belonged and contributed to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years.
The subsidy is $1,000 for each year of contribution to the scheme:
3 years of contributing = $3,000 (the minimum you can get)
4 years of contributing = $4,000
5 years of contributing = $5,000 (the maximum you can get)
You can buy a property with other people who may also qualify for a deposit subsidy.
You may only receive the deposit subsidy once, and it is paid directly to your solicitor, on settlement day.
Eligibility criteria
Step 1: Check you are eligible for the deposit subsidy:
I am 18 years or older
I have not received a deposit subsidy before
I am a member of a KiwiSaver scheme, complying scheme or exempt employer scheme
I have contributed at least the minimum percentage of my income to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years (does not need to be consecutive). From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent
I have a combined yearly income of $100,000 or less (before tax) for one or two buyers, or I have a combined yearly income of $140,000 or less (before tax) for three or more buyers
I am buying one of the following types of property and land arrangements: (for more information on these property types - see our FAQs or talk to your lawyer)
Fee Simple
Stratum estate freehold and leasehold
Cross-lease (freehold and leasehold)
Leasehold
Step 2: If buying a house, land to build a house on, or an apartment that is being built, you will need to meet the following criteria:
you must not own any other property
you must buy a house within the maximum house price caps. The house price caps are $400,000 for Auckland City, Wellington City, Selwyn District and Queenstown Lakes District, and $300,000 for all other areas.
you must live in the house, or apartment (if you don’t, you have to pay the deposit back)
you cannot use the deposit subsidy to buy an investment property
if you are buying land, a house must be built within 12 months of purchase. You will need to supply a code compliance certificate to show that this has been done
if you are building on land or buying an apartment that is being built, you must show:
you will have funding for the construction of the building
the total cost of both the land and the house or apartment is within the house price caps
the land or site is ready to build on
Step 3: Apply to Housing New Zealand
There are two ways to apply, depending on your circumstances.
Apply for a pre-approval if you have not found a house or land to build on, but want to find out if you are eligible before you start house/land hunting.
The pre-approval expires after 90 days, unless you apply for an extension.
On the application form, tick the pre-approval option. Return to us with the required documents (see our FAQs for these documents) and we will check your eligibility.
Skip that process and apply for the deposit subsidy directly if you already have found a house or land, and have a sale and purchase agreement. Please note that Housing New Zealand requires at least four weeks from submitting an application through to paying out the deposit subsidy to your lawyer.
Application forms are available from the following sources:
KiwiSaver first-home assistance form and instructions (PDF, 350KB)
Email shane@optio.co.nz
KiwiSaver application check sheet (PDF, 322KB)
Use this check sheet to ensure you have all the correct information to accompany your application. This check sheet also explains the timeframes for how long it takes for the deposit subsidy to be processed and paid out.
For more information, read our FAQs
KiwiSaver first-home withdrawal
After three years membership of a KiwiSaver scheme, you may be able to withdraw:
your savings
employer contributions
all returns (interest etc).
Government contributions are not paid out in the first-home withdrawal. This includes the $1,000 kick-start when you first join. If you are a member of a complying fund, you may be able to withdraw your savings to help buy your first home. Not all complying superannuation funds permit withdrawals for this purpose, so you will need to discuss with the trustees of the complying fund you belong to.
Eligibility criteria
If you are:
a first home buyer - contact your KiwiSaver scheme provider or qualifying scheme provider to apply.
Other home ownership assistance
Welcome Home Loan
You may be able to use the Welcome Home Loan product for a home loan with the KiwiSaver home ownership features. The Welcome Home Loan assists anyone who has little or no deposit to buy a house. Welcome Home Loan criteria applies in addition to KiwiSaver feature criteria.
KiwiSaver is a voluntary, work-based savings initiative to help you with your long-term saving for retirement. It has a range of membership benefits including contributions from your employer and the government, as well as help with buying your first-home.
KiwiSaver offers two features to help you into home ownership:
the KiwiSaver first-home deposit subsidy
the KiwiSaver first-home withdrawal.
You can use both of these features to:
buy a home
buy land to build a home on.
Housing New Zealand administers the deposit subsidy which is paid directly to your solicitor, on settlement day.
It may take 5 working days to approve or pre-approve an application for the deposit subsidy. Once eligible, we will give you a letter to confirm the deposit subsidy is available. You can take this to the bank as it counts towards the total finance available you have to buy your first home.
Housing New Zealand requires a 4 week period, from receiving your application to paying the subsidy. After your application is approved, documents are issued to your solicitor to be signed by you and your solicitor and then returned to Housing New Zealand.
Your scheme provider administers the savings withdrawal.
KiwiSaver first-home deposit subsidy
You can apply for the deposit subsidy if you have belonged and contributed to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years.
The subsidy is $1,000 for each year of contribution to the scheme:
3 years of contributing = $3,000 (the minimum you can get)
4 years of contributing = $4,000
5 years of contributing = $5,000 (the maximum you can get)
You can buy a property with other people who may also qualify for a deposit subsidy.
You may only receive the deposit subsidy once, and it is paid directly to your solicitor, on settlement day.
Eligibility criteria
Step 1: Check you are eligible for the deposit subsidy:
I am 18 years or older
I have not received a deposit subsidy before
I am a member of a KiwiSaver scheme, complying scheme or exempt employer scheme
I have contributed at least the minimum percentage of my income to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years (does not need to be consecutive). From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent
I have a combined yearly income of $100,000 or less (before tax) for one or two buyers, or I have a combined yearly income of $140,000 or less (before tax) for three or more buyers
I am buying one of the following types of property and land arrangements: (for more information on these property types - see our FAQs or talk to your lawyer)
Fee Simple
Stratum estate freehold and leasehold
Cross-lease (freehold and leasehold)
Leasehold
Step 2: If buying a house, land to build a house on, or an apartment that is being built, you will need to meet the following criteria:
you must not own any other property
you must buy a house within the maximum house price caps. The house price caps are $400,000 for Auckland City, Wellington City, Selwyn District and Queenstown Lakes District, and $300,000 for all other areas.
you must live in the house, or apartment (if you don’t, you have to pay the deposit back)
you cannot use the deposit subsidy to buy an investment property
if you are buying land, a house must be built within 12 months of purchase. You will need to supply a code compliance certificate to show that this has been done
if you are building on land or buying an apartment that is being built, you must show:
you will have funding for the construction of the building
the total cost of both the land and the house or apartment is within the house price caps
the land or site is ready to build on
Step 3: Apply to Housing New Zealand
There are two ways to apply, depending on your circumstances.
Apply for a pre-approval if you have not found a house or land to build on, but want to find out if you are eligible before you start house/land hunting.
The pre-approval expires after 90 days, unless you apply for an extension.
On the application form, tick the pre-approval option. Return to us with the required documents (see our FAQs for these documents) and we will check your eligibility.
Skip that process and apply for the deposit subsidy directly if you already have found a house or land, and have a sale and purchase agreement. Please note that Housing New Zealand requires at least four weeks from submitting an application through to paying out the deposit subsidy to your lawyer.
Application forms are available from the following sources:
KiwiSaver first-home assistance form and instructions (PDF, 350KB)
Email shane@optio.co.nz
KiwiSaver application check sheet (PDF, 322KB)
Use this check sheet to ensure you have all the correct information to accompany your application. This check sheet also explains the timeframes for how long it takes for the deposit subsidy to be processed and paid out.
For more information, read our FAQs
KiwiSaver first-home withdrawal
After three years membership of a KiwiSaver scheme, you may be able to withdraw:
your savings
employer contributions
all returns (interest etc).
Government contributions are not paid out in the first-home withdrawal. This includes the $1,000 kick-start when you first join. If you are a member of a complying fund, you may be able to withdraw your savings to help buy your first home. Not all complying superannuation funds permit withdrawals for this purpose, so you will need to discuss with the trustees of the complying fund you belong to.
Eligibility criteria
If you are:
a first home buyer - contact your KiwiSaver scheme provider or qualifying scheme provider to apply.
Other home ownership assistance
Welcome Home Loan
You may be able to use the Welcome Home Loan product for a home loan with the KiwiSaver home ownership features. The Welcome Home Loan assists anyone who has little or no deposit to buy a house. Welcome Home Loan criteria applies in addition to KiwiSaver feature criteria.