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KiwiSaver First Home Deposit Subsidy

Using your contributions in KiwiSaver is a great way to get into your first home. Most of our home loan lenders will allow you to use your KiwiSaver contributions as a deposit to buy your first home.

Plus if you have been a KiwiSaver member for 3 years or more the government will give you $3,000 ($1,000 for every year you have been in KiwiSaver) up to a maximum of $5,000 per member as a first home subsidy.

If you’re a couple and both in KiwiSaver and building or purchasing a newly build home you could qualify for $12,000 to $20,000 combined as a first home deposit subsidy combined with your own savings you'll have a great deposit.

A couple of things you need to know
The government has confirmed that, to get a subsidy in 2013, your household income has to be less than $100,000 a year for one or two borrowers or $140,000 for three or more borrowers.

Also there is a house price cap of $650,000 in Auckland City, North Shore City, Rodney, Wellington and Queenstown Lakes District and $300,000 in all other areas.

You must have been in KiwiSaver for a minimum of 3 years and contributed the minimum amounts over that period. You can withdraw your contributions and your employers contributions but the $1,000 government start up must stay in your KiwiSaver account.

You can not use the funds as a 'cash deposit' when purchasing your new home - it remains with your solicitor until settlement - this could be a problem when the vendors want a cash deposit - don't worry we have other options available.

With 24 years banking and broking experience we can share some helpful tips to make your first home purchase stress and hassle free ...

The above is for information purposes only and not to be taken as advice. For detailed advice on your situation -

Call us on 0800 ADVOCO (0800 238 626) or email us.

Note: if you wish to access funds in your KiwiSaver account to assist with a deposit on a home. It is important to realise that this may impact on your longer term savings. This should always be discussed with your KiwiSaver provider or Authorised Financial Adviser. As a Registered Financial Adviser I am unable to advise on investment products.

ADVOCO Mortgages & Insurance Limited DO NOT give investment advice on KiwiSaver or advice on whether to join a KiwiSaver scheme.


DISCLAIMER: This Website is operated by ADVOCO Mortgages and Insurance Limited and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. ADVOCO Mortgages and Insurance Limited is using the KiwiSaver trade mark and logo under licence #201148 from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click on KiwiSaver logo.

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Throughout the last 8 years he has been there to give good advice and always keeps in touch which just goes to show that signing an agreement with Steve is just the beginning not the end of his service to his clients.
- Jason & Marlene

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