Can I use my Kiwisaver as a second chance homeowner ?

Have you owned property before, but no longer do so, and are now looking to purchase a property as your main home? You may be eligible to withdraw your KiwiSaver funds to go towards that purchase.

To be eligible to withdraw your KiwiSaver funds as a second chance homeowner, you must meet the following criteria:

  • You have not previously withdrawn your KiwiSaver funds to buy a home.

  • You have been a member of KiwiSaver for at least three years.

  • You have previously owned property, but no longer own any interest/share in property (this does not include ownership of Māori land)

  • You do not have realisable assets totalling more than 20% of the house price cap for an existing/older property in the area that you are looking to buy in. Kāinga Ora considers the following to be realisable assets:

    • Money in bank accounts (including fixed and term deposits).

    • Shares, stocks and bonds.

    • Investments in banks or financial institutions.

    • Building society shares.

    • Any money paid to, or held by, the real estate agent or solicitor as a deposit on the property.

    • A boat or caravan (if the value is over $5,000).

    • Additional vehicles (such as classic motorbikes or cars – not being used as your usual method of transport).

    • Other individual assets valued over $5,000.

If you meet the above criteria, approval to withdraw your KiwiSaver funds as a second chance homeowner must be obtained from Kainga Ora.

If Kainga Ora determine that you are eligible to withdraw your KiwiSaver funds, you may also be eligible to obtain the Kainga Ora First Home Grant, depending on your financial position.

If you require our assistance in obtaining approval from Kainga Ora contact our office to discuss.

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The importance of getting a building report when purchasing property