Can I use my KiwiSaver funds to buy my first home?
Yes, you can withdraw almost all your KiwiSaver funds, leaving at least $1,000 in your account, to purchase your first home or land for your first home.
What are the eligibility criteria for a first home withdrawal?
To qualify:
You must have been a KiwiSaver member for at least three years.
You must never have owned a residential property in New Zealand (exceptions apply if Kāinga Ora confirms you're in the same financial position as a first home buyer).
The property must be in New Zealand and intended to be your principal place of residence.
If you're buying land, it must be for the purpose of building your first home.
Ensure that funds transferred from an Australian super fund under trans-Tasman portability are not included in the withdrawal. However, any investment growth on these funds is eligible for withdrawal.
What documents are required for a first home withdrawal?
To process your withdrawal, you’ll need to provide:
A completed First Home Withdrawal application form.
A signed Sales and Purchase Agreement showing you as the buyer (not acting as a trustee of a trust).
The Solicitor’s Trust Bank Deposit Slip to confirm where the funds will be transferred.4. For land purchases, additional documents such as property plans or council approvals may be required to confirm eligibility.
How do I apply for a first home withdrawal?
Log into your account and download the application form from your KiwiSaver dashboard.
Complete the form, ensuring all declarations are signed in front of a solicitor or other authorized person.
Submit the form, along with the required documents, to support@kernelwealth.co.nz.
How long does the withdrawal process take?
The process typically takes around six business days for funds to reach your solicitor's trust account after the sell order is placed. We recommend allowing at least one week, though two weeks is preferred, to ensure sufficient processing time.
Can I use KiwiSaver funds for an auction deposit?
No, KiwiSaver funds cannot be accessed in time to pay a deposit at an auction due to the processing time involved. We are unable to process KiwiSaver withdrawals without a Sales and Purchase Agreement being supplied to Kernel before-hand. Please talk to your solicitor or broker for alternative deposit options if purchasing via an auction.
Can I get a letter confirming my first home withdrawal eligibility?
Yes. If your broker, bank, mortgage adviser, or solicitor requires confirmation that you may be eligible to make a first home withdrawal, we can provide an eligibility letter based on the information currently available to us. Please note that this letter is an indication only and is not a guarantee that your withdrawal application will be approved. Final approval can only be given once we have received and reviewed a completed First Home Withdrawal application and all required supporting documents.
To request an eligibility letter, please contact our Customer Success team at support@kernelwealth.co.nz.