Can I use KiwiSaver to buy a new build?
Yes. For a first-home withdrawal, 'home' includes land you will build on, and land-and-build packages, as well as finished houses. The general rules still apply: at least three years of KiwiSaver membership, a property in New Zealand that you intend to live in, and at least $1,000 left in your account afterwards.
Money transferred into KiwiSaver from an Australian superannuation scheme can't be used, and your provider has to approve the withdrawal before the money moves, which takes time. Apply well before settlement day.
Can I use KiwiSaver to pay the builder?
Generally no, if you have already bought the land. The withdrawal is for the purchase of the property. Once your land purchase has settled and you own it, KiwiSaver money can't be held back and used later on the build contract. Plan the deposit for the build from other savings or the construction loan.
Can I make two withdrawals, one for the land and one for the build?
No. If you are buying land to build the home you will live in, you get one first-home withdrawal. You can't withdraw for a deposit on the land and come back a second time to fund the house. Use it when it does the most work, and confirm the timing with your provider.
How does it work on a house-and-land package?
It depends on how the deal is structured. Some packages are two contracts, one for the land and one for the build, and the withdrawal goes towards the land settlement. Others are one contract that settles only when the house is finished and has its code compliance certificate, and the withdrawal is used at that settlement.
On a single-contract package, that settlement can be many months away, so check whether your provider and lawyer can use the withdrawal for a deposit earlier, and what happens to it if the deal falls through. Our guide to house-and-land versus build-on-section covers the other trade-offs.
I've owned a home before. Can I still withdraw?
Possibly. If you have owned property before but have never made a first-home withdrawal, you can ask Kāinga Ora to assess whether you are in the same financial position as a first-home buyer. This is often called a second-chance withdrawal. You still have to meet every other condition.
What other first-home help is there for a new build?
The First Home Grant, which paid more for new builds, closed to new applications on 22 May 2024. The Kāinga Ora First Home Loan, which lets eligible buyers borrow with a 5% deposit through participating lenders, is still available, subject to income and price caps that Kāinga Ora publishes and updates.
Banks also treat lending on a new build differently under the Reserve Bank's loan-to-value rules, which can mean a smaller deposit. Our guide to new-build home loans explains how construction lending works.
Who should I check this with?
Your KiwiSaver provider, who approves the withdrawal; your lawyer or conveyancer, who receives the money and handles settlement; and your bank or mortgage adviser, who needs to know where the deposit is coming from. This guide is general information, not financial advice.