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New Zealand KiwiSaver First Home Calculator

See how much of your KiwiSaver you could withdraw toward a first-home deposit, your total deposit and deposit percentage, and the loan you'd need for a given price.

$

Your current KiwiSaver balance. You can withdraw all but $1,000 after at least 3 years of membership.

$

Cash savings outside KiwiSaver you'll put toward the deposit.

$
Total deposit$64,000.009.8% of the purchase price

Your deposit is between 5% and 20%. You may still buy with a low-equity margin, or look at the Kāinga Ora First Home Loan, which allows a 5% deposit through participating banks subject to income caps.

KiwiSaver withdrawal$44,000.00Balance less the $1,000 minimum
Deposit percentage9.8%
Loan required$586,000.00
LVR90.2%

How this calculator works

Your KiwiSaver first home withdrawal is your balance less the $1,000 that must stay in the account. The calculator adds that to your other savings to get your total deposit, then works out what that deposit is as a share of the purchase price and how much you would need to borrow:

Deposit = (KiwiSaver balance − $1,000) + other savings

The deposit percentage decides which lending band you fall into: 20% or more is the standard that avoids a low-equity margin, 5% to 20% may still work with a margin or the First Home Loan, and under 5% is below the First Home Loan minimum. The discontinued First Home Grant is not included, because it is no longer available.

Worked example

Say you have $45,000 in KiwiSaver and $20,000 in other savings, and you are looking at a $650,000 home. You can withdraw $44,000 from KiwiSaver, giving a total deposit of $64,000, or just under 10% of the price. That is above the 5% First Home Loan minimum but below 20%, so you would either pay a low-equity margin or look at the First Home Loan, and you would need to borrow the remaining $586,000.

What changes your deposit

  • KiwiSaver balance — the more you have, the larger the withdrawal, less the $1,000 minimum.
  • Other savings — cash outside KiwiSaver adds directly to your deposit.
  • Purchase price — a lower target price lifts your deposit percentage for the same savings.
  • Which scheme you use — the First Home Loan can bridge the gap to a 5% deposit if you meet the income caps.

A note on accuracy

This calculator works on full, unrounded figures and rounds only for display. It assumes you meet the KiwiSaver eligibility rules and does not check membership length, income caps, or lender servicing. Scheme rules change, so confirm current settings with Kāinga Ora and see our methodology for sources.

Frequently asked questions

Can I still get the First Home Grant?

No. The First Home Grant, once known as the HomeStart Grant, was discontinued on 22 May 2024 and is no longer open to new applications. It has not been replaced with a cash grant. What remains is your KiwiSaver first home withdrawal, which is your own money, and the Kāinga Ora First Home Loan, which lets eligible buyers purchase with a smaller deposit.

How much of my KiwiSaver can I withdraw for a first home?

Most of it. After at least 3 years of membership you can withdraw your balance down to a minimum of $1,000, which stays in the account. The $1,000 government kickstart and any funds transferred from an Australian scheme generally cannot be withdrawn. The home must be one you intend to live in, not an investment property, and you apply through Kāinga Ora for an eligibility letter before your provider releases the money.

What is the Kāinga Ora First Home Loan?

It is a scheme that lets eligible first-home buyers purchase with as little as a 5% deposit, instead of the usual 20%, through participating banks. Income caps apply, and the lender still assesses whether you can service the loan. It is the main remaining support alongside your KiwiSaver withdrawal now that the grant has gone, so it is worth checking eligibility with a participating lender.

Do I need a 20% deposit to buy a first home?

Not necessarily. 20% is the benchmark that avoids a low-equity margin and opens up the most lenders, but banks can lend above 80% in some cases with a low-equity margin added to the rate, and the First Home Loan allows 5%. This calculator shows your deposit percentage so you can see which of these bands you fall into.

How long does a KiwiSaver withdrawal take?

Providers commonly need around 10 to 15 working days once your Kāinga Ora eligibility letter is in place, so apply as soon as you have a signed sale and purchase agreement. Leaving it to the last week before settlement risks delaying the purchase, so it pays to start the paperwork early.

Can I use my KiwiSaver to buy an investment property?

No. The first home withdrawal is only for a property you intend to live in. Using it to buy a rental is not permitted, and you generally need to live in the home for at least six months. If you have owned property before, you may still qualify under the second-chance rules if Kāinga Ora considers you in a similar financial position to a first-home buyer.

Related calculators

LVR & Deposit CalculatorSee how your deposit affects your LVR and rate tier.Borrowing Power CalculatorCheck how much a bank would lend on your income.