Nolans HomeFront
1st Floor Treble Court, Palmerston Rd, Gisborne
Phone:- 06 867 1209

Kiwisaver and buying your first home.

Saving for a deposit is often the biggest stumbling block for first home buyers.  A Kiwisaver retirement savings account and a government deposit subsidy are a useful way to help first home buyers to get into the property market.

Applying for your  “First Home Deposit Subsidy”  with Housing New Zealand.

You may be eligible to receive $1,000 subsidy for each year you have been a Kiwisaver member up to a maximum of $5,000. If you are both in Kiwisaver a couple can receive up to $10,000. But you MUST;

  • Have been in Kiwisaver for at least 3 years; a total of 39 contributions into your Kiwisaver.
  • Have a yearly income of less than $80,000 for a single person and $120,000 for a couple.
  • Not own any other property.
  • Have a deposit of 10% or more of the purchase price – this 10% can include your Kiwisaver savings, funds in personal savings, the deposit subsidy, any term deposits, and funds already paid to the Real Estate Agent.
  • Be purchasing a property for less than the house price cap in your area. In Gisborne that house price cap is $300,000.
  • Have realisable assets that are less that 20% of the house price cap in your area to be able to apply for a second chance Kiwisaver withdrawal.  This applies if you have already owned a home before and you want to apply for assistance to purchase a second home.

Your First Home Deposit Subsidy is also conditional on the following.

  • You must live in the property for at least 6 months after settlement.
  • The funds received cannot be used to purchase an investment property;
  • If you are building, the house must be built within 12 months of receipt of the funds and have a code of compliance certificate issued.

If you comply with the rules then the deposit subsidy is not repayable and the advance is written off by the New Zealand Government. 

The eligibility checklist is found at:

The application form can be found at:

Applying for your own personal Kiwisaver savings from your provider:

  • You may withdraw the contributions that you and your employer have been contributing during the period that you have been investing with Kiwisaver but you are not able to withdraw either the $1,000 kick start payment received from IRD or any member tax credits received.
  • Different providers have different time limits on their processing of applications.
  • You will need to complete an application to withdraw your Kiwisaver and forward this together with the required information needed including a copy of your agreement for sale and purchase to your Kiwisaver Provider.
  • Your provider will request a solicitor’s certificate from us.  Please note that we will not send this certificate until the agreement becomes unconditional (when all the conditions in the contract have either been waived or confirmed). 
  • If you contact your provider they can advise whether or not you are eligible for a withdrawal and if so approximately how much can be withdrawn.  When speaking with them it is useful to ask them to send written confirmation to you so you have a confirmed estimated amount that you should be able to withdraw for your purchase.

All Kiwisaver and Housing New Zealand First Home Deposit Subsidies are paid straight into our trust account.

There is a lot of information you need to get together for the application to Housing New Zealand and to your provider to release your Kiwisaver investment monies.  

If we can be of assistance in helping you with obtaining all that information we are more than happy to help.

Our service in assisting you with the subsidy and Kiwisaver forms is part of our purchase package and no extra fee is charged for any help we may provide.