Your KiwiSaver

Retiring with the lifestyle you want

Can I use this for my first home?

KiwiSaver has been fantastic for first homebuyers in New Zealand as many individuals are accessing home deposit funds that they might not have previously saved had it not been for KiwiSaver.

In order to be eligible to withdrawal your KiwiSaver funds to purchase you must have;

  • Been a member of KiwiSaver for more than 3 years
  • Not currently a homeowner
  • You cannot be eligible if you have used KiwiSaver in the past to purchase property
  • If you have owned a property in the past but not used KiwiSaver, and no longer own and are looking to buy then you must complete the homestart eligbility form as a second chance buyer to pre-approve access to these funds for deposit use

Can I use KiwiSaver if I have owned a home in the past but no longer do so?

If you have owned a home before and no longer do so then the answer is YES, you may be eligible to use your KiwiSaver funds for your first home deposit if you have not used them before.

  • Your income must be compliant within the caps of $85,000 individual or $130,000 joint
  • Your realisable assets must not exceed $80,000
  • You must no longer own property
  • You must be using KiwiSaver as a deposit vehicle for the first time

Do I qualify for the government grant?

If you have contributed to KiwiSaver for 3 years or more you may be eligible for the government grant to assist your first home or second chance purchase. If you have contributed for 3 years you have access to $3,000, 4 years - $4,000, 5 years worth of contribution - $5,000 individually.

When seeking pre-approval through Affinity we offer to complete your grant applications with you to make this process less daunting and stress free.

We are professionals at assessing first home and second chance pre-approvals and are more than happy to help our clients with these on the back of their mortgage pre-approval.

Am I eligible for the full member tax credit?

To help you save, the Government will make an annual contribution towards your KiwiSaver account as long as you are a contributing member aged 18 or over. Member tax credit ceases when the member reaches the age of eligibility for NZ Super (currently 65) or has been a member for 5 years, whichever is the later.

The member tax credit will be paid each year (around July/August) to members of a KiwiSaver scheme or a complying fund until you’re eligible to withdraw your savings, provided:

  • you’re 18 or over, and
  • you mainly reside in New Zealand except for:
    • a government employee who's serving outside New Zealand, or
    • a person who's working overseas:

How much member tax credit you can get?

The maximum annual member tax credit you are entitled to is:

  • $521.43 from 1 July 2011 onwards.

To get the full member tax credit automatically you have to contribute at least $1,042.86 a year. Employer contributions, government contributions and amounts transferred from Australia under the Trans-Tasman retirement savings portability do not count towards eligibility for this credit.

From 1 July 2011 the Government will pay 50 cents for every dollar of member contribution annually up to a maximum payment of $521.43.  This means that you must contribute $1,042.86 annually to qualify for the maximum payment of $521.43.

If you contribute less than $1,042.86 from your pay, you can make voluntary contributions to ensure you receive the full member tax credit payment from the Government.

Do I have enough for my retirement?

Use the KiwiSaver calculator below to see based on your contributions how much you will have at retirement