About this calculator
The First Home Grant is gone, and this page will not pretend otherwise. The grant — up to NZ$10,000 per buyer toward an existing home, NZ$20,000 toward a new build — was closed to new applications on 22 May 2024 in Budget 2024, and no replacement scheme has been announced since. Any calculator or bank guide still adding a grant to your deposit is working from a pre-2024 playbook. What survived the same budget is the withdrawal, and it is now the whole story for KiwiSaver and first homes: government contributions and employer money included, it is usually far larger than the grant ever was.
The withdrawal rules are simple. You must have been a KiwiSaver member for at least three years and be buying your first home to live in (investment properties do not qualify; you are expected to live in the home for at least six months). You may take out everything in the account — your contributions, your employer's, the government contribution, and all investment returns (transferred Australian superannuation is excluded and stays behind) — except NZ$1,000, which must remain in the account. Previous home owners are not shut out: if Kāinga Ora determines you are in a similar financial position to a first-home buyer (there is an asset test), you can withdraw on the same terms — the classic case is a separated partner whose name was on a title but who holds few realisable assets now.
How to use it
- Enter your current KiwiSaver balance and how long you have been a member.
- If you are buying with a partner, add their balance and tick eligibility — two accounts are the standard Kiwi first-home deposit.
- Enter the target price to see the withdrawal as a deposit share and the gap to 20%.
- Use the projection honestly: it assumes steady contributions and a constant after-tax return, so read it as a saving plan, not a promise — fund returns move, and the balance on your settlement date is the one that counts.
The formula
The $1,000 retention is a statutory floor — the account must keep a KiwiSaver identity after the withdrawal, which is also why you can later keep contributing and re-qualify only for retirement, not for a second first-home withdrawal (except through the Kāinga Ora second-chance route). Each eligible partner withdraws under their own account, so a couple can contribute two balances minus $1,000 each.
Worked example
Six years in, your balance is NZ$42,500: you can withdraw NZ$41,500. Add an eligible partner with the same balance and the combined withdrawal is NZ$83,000 — 12.8% of a NZ$650,000 home, leaving NZ$47,000 to save for a full 20% deposit, or a workable 12.8% deposit to take to the bank's high-LVR allowance today. Under the old grant those two buyers might also have received up to NZ$20,000 between them; since May 2024 that line is simply zero, and any budget built on it is wrong. Wait five more years at NZ$4,500 a year of contributions and a 5% return, and your own balance projects to NZ$79,107 — NZ$78,107 withdrawable.
Sources: KiwiSaver Act withdrawal rules and Kainga Ora first-home withdrawal determinations; First Home Grant closure under Budget 2024, verified October 2026 — no replacement scheme announced. Last updated: October 2026.
Frequently asked questions
Is the First Home Grant really gone?
Yes. Kāinga Ora stopped accepting applications on 22 May 2024 as part of Budget 2024, and the scheme has not been reinstated or replaced as of late 2026. Applications already approved before closure were honoured through their pre-approval period. If a website, adviser or bank document in 2026 still budgets a $5,000–$20,000 grant into your deposit, it is out of date — the withdrawal is the only KiwiSaver first-home mechanism left.
Why must $1,000 stay in the account?
The law requires a minimum $1,000 to remain so the account is never fully emptied by a first-home withdrawal — your KiwiSaver membership continues, contributions keep flowing after settlement, and the retirement purpose of the scheme survives the house purchase. It applies per person, so a couple leaves $2,000 behind in total.
I owned a home years ago. Can I still withdraw?
Quite possibly. Previous owners apply to Kāinga Ora for a determination that they are in a similar financial position to a first-home buyer — mainly an asset test on realisable assets relative to house prices in the area you are buying. Separation cases are the most common approval. You need the determination before your provider will process the withdrawal, and you must not have made a first-home withdrawal before; get the letter before you go unconditional.
How long does the withdrawal take, and when should I apply?
Apply through your KiwiSaver provider once you have a signed sale and purchase agreement (some providers accept pre-approval applications). Processing commonly takes around 10–15 working days, and the money is paid to your solicitor at settlement — it cannot be paid to you directly, and for an unconditional purchase the withdrawal cannot fund the deposit paid on signing; your lawyer sequences it against the settlement balance. Tell your solicitor and bank it is coming on day one.
Should I raise my contribution rate to grow the deposit faster?
Many buyers lift contributions to 6% or 8% in the run-up — the contributions are withdrawable in full (minus the $1,000), so extra saving is not trapped. Two cautions: employer contributions only match to their policy rate, and money in a growth fund can fall in the year you need it. As settlement approaches, advisers commonly suggest shifting toward a conservative fund to protect the deposit you have already built.
What formula does this kiwisaver first-home withdrawal calculator use?
Withdrawable = max(0, balance − NZ$1,000), available after 3 years of membership; projection: balance × (1 + return) + contributions, each year The $1,000 retention is a statutory floor — the account must keep a KiwiSaver identity after the withdrawal, which is also why you can later keep contributing and re-qualify only for retirement, not for a second first-home withdrawal (except through the Kāinga Ora second-chance route). Each eligible partner withdraws under their own account, so a couple can contribute two balances minus $1,000 each. The worked example on this page applies the formula step by step with real numbers, so you can verify the result by hand.