For most first home buyers in New Zealand, KiwiSaver is a main source of deposit money. This page covers how much you can take out, what has to stay behind, what a balance looks like after a few years of contributions, and how the withdrawal counts toward your deposit. How to apply is in the KiwiSaver first home withdrawal guide, and the rest of this section is on the KiwiSaver first home hub.
How Much KiwiSaver Can You Withdraw for a House Deposit?
You can withdraw everything in your KiwiSaver account except $1,000 and the two exceptions below. There is no upper limit: on a $150,000 balance, up to $149,000 can go toward your home.
What you can withdraw
| Part of your balance | Can it be withdrawn? |
|---|---|
| Your own contributions (payroll deductions at your chosen rate, and voluntary lump sums) | Yes |
| Your employer’s contributions (after employer superannuation contribution tax, ESCT) | Yes |
| The government contribution | Yes, except amounts received for periods when New Zealand was not your principal place of residence |
| Investment returns on all of the above | Yes |
| Savings transferred from an Australian superannuation scheme | No |
| The last $1,000 | No: it must stay in the account |
Your own contributions are 3.5%, 4%, 6%, 8% or 10% of your pay (the default rose from 3% to 3.5% on 1 April 2026), and your employer adds at least 3.5% before ESCT. The government contribution is up to $260.72 a year if you contribute at least $1,042.86 yourself; see the KiwiSaver government contribution for who gets it.
The withdrawal rules are the same at every provider. Your provider can tell you which part of your balance (if any) came from Australia, and give you an estimate of how much you could withdraw.
Estimating Your Balance: Worked Examples
These examples add up three or five years of contributions at the current default rate for two salaries, using today’s rates for every year. They leave out investment returns and fees, which depend on your fund and the markets, so a real balance will be higher or lower. They are also an illustration rather than what an older account received: contribution rates were lower and the government contribution was different in earlier years.
| Salary | Years | Your contributions | Employer, after ESCT | Government contribution | Total before returns | You could withdraw |
|---|---|---|---|---|---|---|
| $55,000 | 3 | $5,775.00 | $4,764.38 (17.5% ESCT) | $782.16 | $11,321.54 | $10,321.54 |
| $80,000 | 3 | $8,400.00 | $5,880.00 (30% ESCT) | $782.16 | $15,062.16 | $14,062.16 |
| $80,000 | 5 | $14,000.00 | $9,800.00 (30% ESCT) | $1,303.60 | $25,103.60 | $24,103.60 |
The employer column is the minimum employer contribution after ESCT at the rate for that salary. Both salaries contribute more than the $1,042.86 needed for the full government contribution. “You could withdraw” is the total minus the $1,000 that must stay.
Don’t rely on an estimate when you can check the real figure: your provider’s app or website shows your balance (myIR shows your contributions, not your balance), and your provider can give you a withdrawal estimate. Checking your KiwiSaver balance covers where to look.
The $1,000 That Must Stay
The $1,000 stays invested in the fund you were in at the time of the withdrawal, and your account stays open. Your payroll and employer contributions continue as normal from your next pay.
There is no minimum withdrawal: on a $5,000 balance you could withdraw $4,000 and leave $1,000.
How Your Balance Changes Up to the Withdrawal
Your balance changes every day with investment returns and new contributions, so the amount paid out is the value of your units when your provider sells them, not the balance you saw when you applied. Payroll contributions can take up to a month to show in your account after they are deducted from your pay, because they pass through Inland Revenue first, so the latest ones may not be in your balance yet.
If your balance looks lower than expected, check:
- your fund type: its returns depend on its mix of shares, bonds and cash (KiwiSaver fund types explained)
- whether recent employer contributions are still on their way through Inland Revenue
- whether you have had gaps in contributions, such as a savings suspension or time between jobs.
Does KiwiSaver Count as a Deposit?
Yes. KiwiSaver money can be used as part or all of the deposit, or toward settlement. The timing is the thing to plan: the money is only available once your provider has processed the application, so if your agreement asks for a deposit soon after it becomes unconditional, talk to your solicitor about when the KiwiSaver money will be ready and whether you need other savings for that first payment.
KiwiSaver and LVR Rules
New Zealand banks lend under loan-to-value ratio (LVR) restrictions set by the Reserve Bank (RBNZ). For owner-occupiers:
- the standard expectation is a 20% deposit (an 80% LVR)
- since 1 December 2025, banks can make up to 25% of new owner-occupier lending to borrowers with less than a 20% deposit.
Your KiwiSaver withdrawal counts toward your deposit. If KiwiSaver plus savings reach 20% of the price, you are within standard lending; if not, you need a lender’s low-deposit allowance or a low-deposit scheme.
Example: a $750,000 home
| Deposit component | Amount |
|---|---|
| KiwiSaver withdrawal | $38,000 |
| Personal savings | $52,000 |
| Total deposit | $90,000 (12% of the price, an 88% LVR) |
| For comparison: a 20% deposit | $150,000 |
| For comparison: a 5% deposit | $37,500 |
The Kāinga Ora First Home Loan lets eligible buyers borrow with a 5% deposit, which KiwiSaver can make up in part or in full. Its income caps, fees and lenders are in the First Home Loan guide. The First Home Grant closed to new applications on 22 May 2024 (what happened to the grant).
Adding to Your Balance Before You Buy
Your balance grows with your own and your employer’s contributions, any voluntary KiwiSaver contributions you make (lump sums count toward the withdrawal if they arrive before it is processed), and the KiwiSaver government contribution, which Inland Revenue pays once a year for the KiwiSaver year to 30 June.
Joint Purchases: Two KiwiSaver Balances
If you are buying with a partner who is also a member and meets the eligibility criteria, you can both withdraw for the same purchase.
| Partner A | Partner B | Combined | |
|---|---|---|---|
| KiwiSaver balance | $42,000 | $29,000 | $71,000 |
| Must stay in the account | $1,000 | $1,000 | $2,000 |
| Available to withdraw | $41,000 | $28,000 | $69,000 |
If one partner isn’t eligible (for example, under three years of membership or previous property ownership without a Kāinga Ora decision), only the eligible partner’s balance can be withdrawn.
How Long Does the Withdrawal Take?
Your provider needs your complete application some working days before the payment date, and the money is paid to your solicitor. Each provider’s lead time, when to apply and a checklist are in the KiwiSaver first home withdrawal timeline. Processing times for the other withdrawal types are in how long a KiwiSaver withdrawal takes.
Frequently Asked Questions
Is there a maximum amount I can withdraw?
No. Everything except $1,000 (and any Australian-transferred savings or government contributions received for periods when New Zealand was not your principal place of residence) can be withdrawn, however large the balance.
What if my balance is less than $1,000?
Then there is nothing to withdraw, because $1,000 must stay in the account.
Can both buyers in a couple withdraw KiwiSaver?
Yes. Each member who meets the eligibility criteria makes their own withdrawal.
Can I use KiwiSaver to buy land or a house and land package?
Yes, land to build your first home on qualifies, but the withdrawal can only pay for the land, not the build. See the house and land package guide.
What if I have owned a home overseas?
Previous ownership anywhere in the world counts. Kāinga Ora can decide that a previous home owner is in the same financial position as a first home buyer; see the second-chance rules.
Does my provider affect how much I can withdraw?
No. The rules are the same at every provider; only your balance differs.
Does a recent pay rise change my withdrawal?
Not for past contributions, which were based on your earlier pay. Contributions from now until the withdrawal will be on the higher pay.
What to Read Next
- KiwiSaver First Home Withdrawal Guide: how to apply
- First Home Withdrawal Eligibility: check if you qualify
- KiwiSaver First Home Withdrawal Timeline: when to apply
- First Home Loan guide: buying with a 5% deposit