First home buyers using Kiwisaver & subsidy

Nearly 11,000 tap into their KiwiSaver funds – including employers’ contributions – to buy their first properties. The first-home subsidy, for those earning less than $100,000 a year, is also being used more.

The number of first-home buyers using KiwiSaver savings to get a deposit on a house has almost doubled in the past year as the scheme turns six – and the Government has forked out $15.7 million in first-home subsidies on top of that.

Figures from Revenue Minister Todd McClay show 10,733 people got money from their KiwiSaver accounts to help with a deposit in the past year, withdrawing an average of $11,200 – a total of $120.2 million. …

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