Using KiwiSaver to buy your first home in Christchurch
One of the biggest questions we get asked is “can I use my KiwiSaver to buy my first home in Christchurch?”
Yes, you can use your KiwiSaver to buy a first home in Christchurch and the surrounding suburbs. If you have been a KiwiSaver member for at least three years and are buying your first home to live in, you can generally withdraw your savings (including employer and government contributions) towards your deposit, as long as you leave at least $1,000 in your KiwiSaver account. You apply through your KiwiSaver provider, not through your bank, and the money is paid to your solicitor on or before settlement.
For first home buyers in Canterbury, that withdrawal is often one of the key parts of their deposit. Here’s everything you need to know about using KiwiSaver for your first home.
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Who can use KiwiSaver to buy a first home?
You can make a first home withdrawal if you:
- have been a member of KiwiSaver for at least three years
- have not previously withdrawn KiwiSaver money to buy a home
- are buying your first home, or have been confirmed by Kāinga Ora as eligible under the second chance rules
- intend to live in the property as your home, rather than rent it out
If you are buying with a partner, each of you can apply for your own withdrawal, provided you each meet the criteria. That can make a real difference to your combined deposit.
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How much of my KiwiSaver can I withdraw?
You can withdraw your balance minus $1,000. The $1,000 stays in your KiwiSaver account. There is no income cap on the KiwiSaver withdrawal itself.
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Can I combine KiwiSaver with a First Home Loan?
Yes. The Kāinga Ora First Home Loan lets eligible buyers purchase with as little as a 5% deposit through participating lenders, and your KiwiSaver withdrawal counts towards that deposit. The First Home Loan scheme has eligibility rules and the criteria can change, so your mortgage adviser will be able to advise you on your eligibility.
Most banks otherwise expect a larger deposit for a standard home loan, with only limited low deposit lending available, which is why many first home buyers look at the First Home Loan or a combination of KiwiSaver, savings and family help. Find out more about deposits for your first home here.
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What does this look like at current Christchurch prices?
The average Christchurch property price was $804,850 in August 2026 (QV). Using that figure as a rough guide:
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Deposit level
Approximate deposit on $804,850
5% about $40,200
10% about $80,500
20% about $161,000
So a single buyer with $40,000 available from KiwiSaver would have a 5% deposit on an average priced home before even adding any other savings.
A couple each withdrawing a similar amount could reach a 10% deposit. Property prices vary widely across Christchurch and the surrounding towns and suburbs, so your own numbers will differ. It’s best to chat with a mortgage advisor about what property price brackets you can look to buy in.
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FAQ’s around using KiwiSaver for your home deposit
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Can I use KiwiSaver to buy a house in Christchurch?
Yes. If you have been a KiwiSaver member for three years and are buying your first home to live in, you can withdraw your savings, leaving at least $1,000 in your account, towards a home in Christchurch or Canterbury.
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How long do I need to be in KiwiSaver to buy a first home?
You need at least three years of membership. The three years do not need to be continuous.
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How much KiwiSaver can I withdraw for a first home?
You can withdraw your balance minus $1,000. This includes your contributions, employer contributions, government contributions and investment returns.
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Is there still a First Home Grant available to first home buyers?
No. The First Home Grant closed in 2024, so there is no additional financial boost for those looking to buy a first home
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Can both of us use our KiwiSaver if we buy together?
Yes. If you are buying with a partner and you each meet the eligibility criteria, you can both apply for a first home withdrawal through your respective KiwiSaver providers.
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Can I use KiwiSaver if I have owned a home before?
Possibly. If you no longer own property and your financial position is similar to a first home buyer, you may be able to apply to Kāinga Ora to be approved as a qualifying previous home owner before applying through your KiwiSaver provider.
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Can I withdraw KiwiSaver after settlement?
No. A first home withdrawal must be made before the purchase settles, so apply early.
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Do I apply through my bank or my KiwiSaver provider?
Your KiwiSaver provider. First home buyers do not apply through Kāinga Ora, but previous home owners will likely need a Kāinga Ora decision first.
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Can I use KiwiSaver to build a new home in Canterbury?
Often yes, but there are extra rules, including when you buy the land and how the build is financed. Speak to an adviser before you commit to a section or builder.
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How Loan Market Agile can help
Working out how your KiwiSaver, savings, any family help and the First Home Loan fit together is where a local adviser makes a difference. Our team of Christchurch mortgage advisors can:
- confirm how much deposit you actually have available (including savings, KiwiSaver, and any additional funds)
- compare lenders and low deposit options across the market, not just with your current bank
- help you get pre-approved so you can bid or make offers with confidence when the perfect property comes up
- line up your withdrawal timing with your settlement date so it all runs smoothly and there’s no stressing as to whether your funds will come through.
There is no cost to talk to us about your options. Get in touch with the Loan Market Agile team to work out your first home plan and discuss how KiwiSaver can create part of your home deposit planning.
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