How Much KiwiSaver Can I Withdraw for My First Home?
Understanding exactly how much of your KiwiSaver you can access for your first home is crucial for planning your deposit. This guide breaks down withdrawal limits, what you can and cannot withdraw, and provides real-world examples to help you calculate your available funds.
Quick Answer
You can withdraw almost all of your KiwiSaver balance for your first home, with two key exceptions:
What You CAN and CANNOT Withdraw
✓You CAN Withdraw
- •All your employee contributions (minus $1,000)
- •All employer contributions
- •All investment returns and earnings
- •Government contributions (Member Tax Credits)
- •Voluntary lump sum contributions you've made
✗You CANNOT Withdraw
- •The $1,000 minimum balance (required by law)
- •The $1,000 government kick-start (if received)
- •Any funds transferred from Australian super schemes
Note: The government kick-start was a $1,000 initial contribution given to KiwiSaver members who joined between 2007-2015. If you joined after 2015, this doesn't apply to you.
Real Withdrawal Calculation Examples
Let's work through some realistic scenarios to show you exactly how much you could withdraw:
Example 1: Young Professional (5 Years in KiwiSaver)
Scenario: Emma, 28, has been in KiwiSaver for 5 years, contributing 3% of her $65,000 salary. She received the kick-start when she joined.
| Component | Amount |
|---|---|
| Employee contributions (5 years × $1,950/year) | $9,750 |
| Employer contributions (3% match) | $9,750 |
| Government contributions (Member Tax Credit) | $2,607 |
| Investment returns (approx 6% annual growth) | $3,200 |
| Government kick-start | $1,000 |
| Total KiwiSaver Balance | $26,307 |
Available for Withdrawal Calculation:
Total balance: $26,307
Minus government kick-start: -$1,000
Minus minimum balance required: -$1,000
Available to withdraw: $24,307
Example 2: Mid-Career Professional (10 Years in KiwiSaver)
Scenario: James, 35, has been contributing 6% of his $85,000 salary for 10 years. He also made a $5,000 lump sum contribution. Received kick-start.
| Component | Amount |
|---|---|
| Employee contributions (10 years × $5,100/year) | $51,000 |
| Employer contributions (3% of $85k × 10 years) | $25,500 |
| Voluntary lump sum contribution | $5,000 |
| Government contributions (Member Tax Credit) | $5,214 |
| Investment returns (approx 6% annual growth) | $18,500 |
| Government kick-start | $1,000 |
| Total KiwiSaver Balance | $106,214 |
Available for Withdrawal Calculation:
Total balance: $106,214
Minus government kick-start: -$1,000
Minus minimum balance required: -$1,000
Available to withdraw: $104,214
Example 3: Recent KiwiSaver Member (No Kick-Start)
Scenario: Sarah, 26, joined KiwiSaver in 2020 (no kick-start). Contributing 4% of $55,000 for 5 years.
| Component | Amount |
|---|---|
| Employee contributions (5 years × $2,200/year) | $11,000 |
| Employer contributions (3% of $55k × 5 years) | $8,250 |
| Government contributions (Member Tax Credit) | $2,607 |
| Investment returns (approx 6% annual growth) | $2,800 |
| Government kick-start (not applicable) | $0 |
| Total KiwiSaver Balance | $24,657 |
Available for Withdrawal Calculation:
Total balance: $24,657
Minus government kick-start: $0 (didn't receive one)
Minus minimum balance required: -$1,000
Available to withdraw: $23,657
Simple Withdrawal Calculation Formula
The Formula
Withdrawal Amount =
Total Balance
- $1,000 (minimum balance)
- $1,000 (kick-start, if received)
- Australian transfers (if any)
Quick Check:
- 1.Log into your KiwiSaver provider's website to check your current balance
- 2.Subtract $1,000 (minimum balance requirement)
- 3.If you received the kick-start (joined 2007-2015), subtract another $1,000
- 4.The result is your available withdrawal amount
How to Maximize Your KiwiSaver for First Home
💰 Increase Your Contribution Rate
Consider increasing from 3% to 4%, 6%, or even 10% to accelerate your savings. The employer still matches 3%, but your total balance grows faster.
📊 Choose a Growth Fund
If you're planning to buy in 5+ years, a growth or aggressive fund typically delivers higher returns (with higher risk) compared to conservative funds.
💵 Make Voluntary Contributions
Make lump sum contributions when you receive bonuses, tax refunds, or windfalls. All voluntary contributions can be withdrawn for your first home.
🎯 Maximize Government Contributions
Contribute at least $1,042.86 per year to receive the full $521.43 government contribution. That's free money you can withdraw for your home.
Important Considerations
⚠️ The $1,000 Stays Invested
The minimum $1,000 balance you must leave continues to grow with employer contributions, government contributions, and investment returns until you retire at 65.
💡 Check Your Balance Early
Don't wait until you've found a house to check your KiwiSaver balance. Log in to your provider's portal 3-6 months before you plan to buy so you know exactly what deposit you'll have.
🏠 Combine with Partner's KiwiSaver
If buying with a partner, you can both withdraw your KiwiSaver funds, potentially doubling your deposit. Each person applies separately.
Frequently Asked Questions
What if my balance is less than $2,000?
If your total balance is less than $2,000 (minimum $1,000 + kick-start $1,000), you may not be able to withdraw anything. However, if you didn't receive the kick-start and your balance is between $1,000-$2,000, you could withdraw a small amount.
Can I withdraw if I'm self-employed?
Yes, self-employed KiwiSaver members can withdraw for their first home. All contributions you've made (voluntary or through previous employment) count toward your withdrawal amount, minus the $1,000 minimum and kick-start.
Does investment performance affect how much I can withdraw?
Yes, your total balance includes investment returns. Strong fund performance means more to withdraw, while poor performance means less. This is why choosing the right fund type is crucial for first home buyers.
Can I withdraw more if I'm buying an expensive property?
No, the withdrawal amount is based solely on your KiwiSaver balance, not the property price. There's no special provision to withdraw more for expensive homes — you're limited to your available balance minus the minimum requirements.
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