Home Loans Explained

How to use KiwiSaver for a First Home

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In this video:

  • Who can use KiwiSaver

  • Things you need to know

  • How to get an approval letter

Read Transcript

How to use KiwiSaver for a First Home

There are 3 parts to this video

1. Who can use KiwiSaver funds to buy a home  

2. Things you need to know

3. How to get a KiwiSaver withdrawal approval letter

First, Who can use KiwiSaver to buy a home?

If you say “yes” to these 3 questions you can likely use KiwiSaver funds to buy a home. 

1. Are you buying a first home and do not already own a home? 

2. Have you contributed to KiwiSaver for a total of 3 years or more? 

3. Do you intend to live in the home you purchase for at least 6 months?

Things you need to know

You must leave at least $1000 in your KiwiSaver  and you’ll need to get a KiwiSaver approval letter.

How to get a KiwiSaver withdrawal approval letter?

1. Contact your KiwiSaver provider.

2. Ask for a letter stating that you are eligible to withdraw funds and how much you can withdraw.3. Send the approval letter to your mortgage adviser.

Note: The approval letter can be a written letter or an email, but it is not a balance statement.

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