Five things to know about KiwiSaver

The New Zealand Government’s KiwiSaver scheme is a voluntary savings program to help you prepare for your future.

While the scheme aims to help Kiwi’s save for retirement, you might be able to use these funds when buying your first home.

If you’re a first home buyer thinking about accessing your KiwiSaver – here's what you need to know.

1. How do I withdraw funds?

   To access your KiwiSaver funds to buy your first home, you need to have been part of the program for at least three years.

   You can withdraw all contributions made into the account, including interest earned or fee subsidies – but must leave an account balance of $1,000.

2. What if my KiwiSaver balance is changing?

   During the first few weeks of COVID-19, you might have seen your KiwiSaver balance change. When the economic conditions change, your balance may fluctuate.

   This means that when it’s time to withdraw, your balance could be lower (or higher) than expected.

3. Am I still eligible for a First Home Grant?

   First home buyers who have made regular KiwiSaver contributions for three to five years could be eligible for a First Home Grant through Kāinga Ora.

   This grant offers up to $10,000 for individuals looking to buy a new build. Check out Kainga Ora for eligibility criteria.

4. What if I have lived and worked in Australia?

   If you have transferred any superannuation funds earned in Australia into your KiwiSaver account – that portion of your balance cannot be withdrawn.

5. Who can I ask for help?

   If you decide to access your KiwiSaver, want to know more about First Home Grants or need a helping hand on your property journey – call your local Mike Pero Mortgage Adviser today.