That first rung on the housing ladder can feel far out of reach at first, but KiwiSaver can bring it that much closer as you save and invest for a home of your own.

Although KiwiSaver was made for long-term investing for retirement, it can also be used for a first home. After all, owning your home sets you up for wellbeing in retirement as well.

It helps to know how using KiwiSaver for a first home works and the timings involved, so that everything can run smoothly for you – from saving up to settlement.

Using KiwiSaver for your first home

Typically you’ll need 20% of the house price for your first-home deposit – which is a big ask – but happily you can use your KiwiSaver money for all or part of it if you’re eligible. And you can get help from a government grant as well, right up to $20,000 for a couple building a new home.

If you are purchasing with your partner or friends, each of you can withdraw from your KiwiSaver. You’ll have different balances, so you can withdraw as much or as little as you need.

A KiwiSaver withdrawal and a KiwiSaver First Home Grant are two different things, and you can be eligible for both. You apply to withdraw directly with your KiwiSaver provider, and you apply for the grant with Kāinga Ora, the government agency.