First home withdrawal

First Home Withdrawal

To qualify for a First Home Withdrawal, you must meet all of the following criteria:

• you have been a member of a KiwiSaver scheme for at least three years
• this is the first KiwiSaver withdrawal you are making to buy a home
• you have not owned a property (with some exceptions)
• you are 18 years or older, and
• the property is intended to be your principal place of residence (i.e. not bought solely for investment purposes) for at least six months.

First Home Subsidy

You can apply for the First Home Subsidy if you have belonged and contributed to a KiwiSaver scheme for at least three years. The First Home Subsidy can help you buy a home, purchase land to build a home on, or buy an apartment that is being built.

The First Home Subsidy is not to be used for the purchase of investment properties and you will have to live in the house for at least six months.

To qualify for a First Home Subsidy, you must meet all of the following criteria^*:

• you are 18 years or older
• you have not received a First Home Subsidy before
• you are a member of a KiwiSaver scheme, complying scheme or exempt employer scheme
• you have contributed at least the minimum percentage of your income to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years
• your combined yearly income is within the caps set by Housing New Zealand
• you are buying a home within the house price caps set by Housing New Zealand
• you are buying one of the following types of property and land arrangements:
  • fee simple
  • stratum estate (freehold and leasehold)
  • cross-lease (freehold and leasehold)
  • leasehold.

For more information on these property types and the criteria see the Housing New Zealand website.

Previous home owners

You may qualify for a First Home Withdrawal or First Home Subsidy as a previous home owner if:

• you have not made a First Home Withdrawal for the purchase of a property before
• Housing New Zealand is satisfied that your income, assets and liabilities represent a financial position that would be expected of a person who has never owned a property.

To find out if you are eligible for a First Home Withdrawal or a First Home Subsidy as a previous home owner, contact Housing New Zealand.

* If you are buying a house, land to build a house on, or an apartment that is being built, or if you are a previous home owner, additional criteria may apply.

1. Apply for the First Home Withdrawal

To apply for the First Home Withdrawal, contact an ANZ Customer Service Consultant on 0800 736 034 and request a First Home Withdrawal pack.

For further information about the ANZ KiwiSaver Scheme First Home Withdrawal, refer to the guide to buying your first home with KiwiSaver.

2. Apply to Housing New Zealand for the First Home Subsidy

There are two ways to apply, depending on your circumstances:

1. Apply for 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 looking for a house or land. The pre-approval expires after 90 days, unless you apply for an extension. On the application form, tick the pre-approval option.
2. Apply for the First Home Subsidy directly if you have already 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 Housing New Zealand website.