How KiwiSaver savings could help you into your first home

25 October 2023

First home withdrawal: tips to get prepared

Since KiwiSaver launched in 2007, 98.8 thousand people have made a first home withdrawal from ANZ-managed KiwiSaver schemes – to the tune of $2.43 billion, as of October 2023. 

If you’re eligible, you could join them. 

The KiwiSaver first home withdrawal lets you use your KiwiSaver savings to buy either your first home, or the land to build your first home on. Sound like an option? Read on for three things to check while you plan.

Check your choice of fund

The fund that’s best for your retirement goals might not suit your needs in the lead-up to using your KiwiSaver savings for a first home withdrawal, so now’s a good time to review the fund you’re in.

For example, a more conservative fund may be a better match if you’re planning a withdrawal soon. That’s because you’ll need to know how much money you have available for your house deposit. Conservative funds are lower risk, so their value tends to be more stable – which gives you more certainty about how much money you have, when you need it.

Once you’ve made your first home withdrawal, it’s important to review your fund choice again as you start to rebuild your retirement savings.

We have seven different funds to choose from, including the recently launched High Growth Fund. The High Growth Fund has the potential to achieve higher returns over the long term. However there’s potential for more volatility over the short to medium term. It may be suitable for those with a longer time to withdrawal and a higher risk appetite. We have a tool to help you find out which fund might be right for you.

Check you’re eligible

You’ll need to tick a few boxes to be eligible for a first home withdrawal. For example, you must be buying a home or land in New Zealand and intend to live there (rather than rent it out or sell it immediately to someone else). 

It must be your first time making a first home withdrawal, and you can’t have owned a home or land before (either in New Zealand or overseas). Previous homeowners may still be eligible. 

You also need to have been a member of a KiwiSaver scheme or complying superannuation fund for at least three years.

Building instead of buying? You can only use your first home withdrawal for the land – not the build. Unless you are building on Māori land, you can’t use your first home withdrawal for the cost of building a home on land you already own, even if the land was a gift or inheritance.

Check your limit

There are some restrictions on how much you can withdraw, so make sure you factor this into your plans. You can apply to withdraw all your KiwiSaver savings to put towards your first home or land, except for:

  • $1,000
  • Money you’ve transferred from a complying Australian superannuation scheme (if applicable)
  • Any Government contributions you received while living overseas and didn’t have permanent residence in New Zealand.

Learn more

Find out how KiwiSaver could help you into a home of your own. 

Important information

ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the OneAnswer KiwiSaver Scheme. Important information is available under terms and conditions. Download the guide and product disclosure statement from our documents and forms page.

ANZ Investments is not an authorised deposit taking institution (ADI) under Australian law and investments in the OneAnswer Single-Asset-Class Funds aren’t deposits in or liabilities of ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited, or their subsidiaries (together ‘ANZ Group’). ANZ Group doesn’t stand behind or guarantee ANZ Investments. Investments in the funds are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group won’t be liable to you for the capital value or performance of your investment.

Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 736 034, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see