Here's what you need to know for a first home KiwiSaver withdrawal:

What are the general requirements for a KiwiSaver first-home withdrawal?

Access to your KiwiSaver savings has been designed to be first-home-buyer-friendly, and so the requirements aren’t tricky:

• You just must have had a KiwiSaver account for at least three years,
• You need to intend to live in the home you purchase or are planning to build, and
• You have to be a first-time buyer – although there are some exceptions made for ‘second chance’ applicants who haven’t already used their KiwiSaver savings for a property (see details here).

If you meet the qualifying criteria, you can draw on all your contributions, your employer’s contributions, and the Government’s contributions, apart from the last $1000, which must stay invested in your KiwiSaver account.

Note: If you have transferred your Australian Super Funds into your KiwiSaver account, these must also remain in your KiwiSaver account until you are 60 and meet the Australian Super retirement criteria.

What should you do while you look for your first home?

A good time to be a conservative KiwiSaver investor.

The first thing you should do is check your KiwiSaver account settings.

If you’re in a growth fund, consider moving into a conservative fund to mitigate any market volatility between now and when you need to make your home withdrawal.

It pays to be a little careful, and as a general rule of thumb consider moving to a conservative fund if you plan to buy a house within three years. You can change back to a growth fund when you have the house keys in your hand. When in doubt, reach out to your KiwiSaver adviser who will be able to answer those questions.

Consider maximising your KiwiSaver contributions.

Think about increasing your KiwiSaver contributions between now and when you plan to withdraw the funds to buy your first home. This might seem counter-intuitive, but it makes sense. Even raising your contributions by 1% could get you closer to reaching your deposit goal. Between now and settlement day, your savings are most likely going to perform better in KiwiSaver – even in a conservative fund – than they would on the interest in a basic bank deposit account.

To increase your contributions, ask your employer for a KS2 form, and select the percentage of your salary you want paid into your KiwiSaver account. You can also make additional voluntary payments into your account as and when you want to. Learn more about this here.