Buying your first home with KiwiSaver
First Home Withdrawal
If you have been a KiwiSaver member for three years or more, you may be able to withdraw some of your KiwiSaver savings to help buy your first home.
The amount you are entitled to withdraw is made up of:
- your individual contributions;
- any employer contributions; and
- any investment returns.
The Government’s $1,000 kick-start and any annual Government contributions cannot be included in a First Home Withdrawal.
The First Home Withdrawal is paid directly to your solicitor before settlement. If you purchase a home before you have been a KiwiSaver member for three years, you will no longer qualify for a first home withdrawal.
First Home Subsidy
If you have been a contributing KiwiSaver member for three years or more, you may be entitled to a First Home Subsidy. The First Home Subsidy is $1,000 for each year you have been a contributing KiwiSaver member:
- three years of contributing = $3,000 (the minimum available)
- four years of contributing = $4,000
- five years of contributing = $5,000 (the maximum available).
The First Home Subsidy is administered by Housing New Zealand and is paid directly to your solicitor on the day of settlement.
Previous home owners
If you meet the requirements for a first home subsidy or withdrawal, and have previously owned a home, but no longer have a share in a property, you may also qualify for a First Home Withdrawal or Subsidy.
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)
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:
- 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.
- 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.
Certain aspects of all KiwiSaver schemes, such as minimum contribution levels, the Government incentives and the circumstances in which benefits may be withdrawn, are prescribed in KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such amendment may impact on the ANZ KiwiSaver Scheme.
Investments in the ANZ KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together “ANZ Group”), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee OnePath (NZ) Limited. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
A copy of the Investment Statement for the ANZ KiwiSaver Scheme is available on request from any branch of ANZ or by calling ANZ Managed Funds on 0800 736 034.
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