Using your KiwiSaver — %%without losing%% it in the contract.
Two ways to use KiwiSaver for a property purchase: for the initial 10% deposit, or for settlement. Each needs different clauses, different timing, and different paperwork. Here's how to get both right.
Two paths. Two sets of paperwork.
KiwiSaver withdrawal takes 10–15 working days. Timing is the thing most first home buyers get wrong
You cannot withdraw KiwiSaver without a signed contract
Preliminary steps with your provider happen first, but the formal withdrawal only starts once you have a signed and dated contract.
KiwiSaver used for the initial deposit
Special wording required in the Sale and Purchase Agreement to protect the KiwiSaver funds. Not all agents know this — we draft it.
KiwiSaver used at settlement only
Simpler. Follow the KiwiSaver Withdrawal Checklist, track funds arrival, confirm with the bank.
Timing — 10 to 15 working days
NZ-only workers: ~10 working days. Overseas work history: allow 15. Start as soon as the contract is signed.
Every KiwiSaver provider has its own form. Your lawyer completes the legal declaration; you complete the personal details.
Every KiwiSaver provider has its own form. Your lawyer completes the legal declaration; you complete the personal details.
KiwiSaver at auction
You can use KiwiSaver for a property bought at auction — but you cannot use it to pay the deposit on the fall of the hammer without a pre-agreed variation clause.
Angus Grayson, LLB
KiwiSaver is the single most common way first home buyers fund their deposit, and the single most common way the contract gets written incorrectly. This guide exists because I've drafted the protective wording too many times to count.
Send me the guide.
KiwiSaver withdrawal takes 10–15 working days. Timing is the thing most first home buyers get wrong
Before you download.
Can I use KiwiSaver for the full deposit?
It depends on the deposit percentage and your KiwiSaver balance. The remaining deposit (if any) must come from savings or a gift.
What if I've never owned a home before but I've withdrawn KiwiSaver before?
You can only use the First Home Withdrawal once. If you've already used it, the standard KiwiSaver withdrawal rules apply.
Does this apply to First Home Grants too?
The grant is separate from the withdrawal. The grant mechanics are similar but paid directly to the lawyer, not to the buyer.
What if my provider is slow?
Build a buffer into your settlement date. Don't let an optimistic settlement date be the reason you miss the KiwiSaver deadline.