Buying your first home with KiwiSaver

If you've been in KiwiSaver for three years or more, you might be able to withdraw some of your money (leaving a minimum of $1,000 in your account and any amount transferred from an Australian-complying superannuation scheme). 

Brokers and banks usually require a first home eligibility letter. This shows how much you can potentially withdraw from your KiwiSaver for a first home purchase. Contact us to generate a first-home eligibility letter. 

If your withdrawal is approved, the funds will be transferred to your solicitor’s trust account before settlement and paid to the vendor as part of the purchase price. If the agreement is not completed, your solicitor will repay the funds to Pie Funds to be reinvested into your KiwiSaver account.

It can take up to 15 working days from the day we receive the application to withdraw your funds. So, talk with your broker or bank before purchasing a house or bidding at an auction. If you've owned a home before, in some circumstances, you may still be eligible to withdraw your savings to buy your house. Kainga Ora (formerly Housing NZ) must determine that you're in the same financial position as a first-home buyer. Visit Kainga Ora for contact details.

KiwiSaver contributions

If you are employed, you can contribute either 3%, 4%, 6%, 8%, or 10% of your gross salary or wages. This includes salary and wages plus any other remuneration, e.g. bonus payments or overtime. If you do not select a rate, the default rate is 3%. Your contributions are automatically deducted from your pay by your employer, who sends them to Inland Revenue. Inland Revenue will then forward the money to your KiwiSaver provider. 

If you contribute to KiwiSaver, your employer must also contribute at least 3% of your gross (before-tax) salary or wages. Tax will be deducted from employer contributions. 

You can contribute anytime if you are self-employed, under 18, or not working.

The easiest way is to organise a bank transfer, or if you want to make regular payments, you can set up an automatic payment.

Account name: Pie KiwiSaver Scheme 
Account number: 02-0506-0141687-000 
Particulars: Your Pie KiwiSaver Scheme investor number (which starts with JK)
Reference: Your IRD number

We are also set up as a bill payee with the banks, so search for 'Pie KiwiSaver Scheme' on your internet banking. To avoid processing delays, ensure you have all the correct reference details, as each investor differs. 

If you prefer to use a direct debit, please let us know, and we can send you a form to complete, or you can find the Direct Debit Authority Form here, and by selecting ‘KiwiSaver Documents’ then ‘Forms’.

To help you save, for every dollar you contribute to your KiwiSaver account, the government will add 50 cents, up to a maximum of $521.43 annually. This means to maximise this benefit, you should aim to contribute at least $1042.86 each year. The government contribution is calculated from 1 July to 30 June. If you join and turn 18 or 65 partway through the year, your government contribution will be prorated based on your membership duration within that year.

You'll generally be eligible to receive the Government contribution if you are 18 to 64 and live mainly in New Zealand. Give our team a call if you'd like to check your eligibility.

Yes, you can request a transfer from your Australian Superannuation scheme into a Pie KiwiSaver account.

Please get in touch with your Australian Superannuation provider to obtain the forms you need to complete the transfer. Once completed, please send them to your Australian superannuation provider for processing. If your provider requires a letter confirming that we will accept the transfer or the bank details for the transfer, contact us at [email protected].  

Once the transfer has been completed, your Australian Superannuation provider will send the funds to us. 

The easiest way is to log into Inland Revenue's website (myIR) and click 'Change KiwiSaver contribution rate'. This will show you what rate you are currently on and allow you to choose your new rate. If you haven’t used this service before, you will need to register. 

You can also contact your employer to change your rate. 

Log into the Pie KiwiSaver Scheme online portal by clicking the ‘Log in’ button at the top right of the website or the person icon if you are using a mobile device. Once you're in your account summary, click the plus button where you see your current balance and returns information, then click on the graph icon and scroll down the page where you will see a breakdown of all contributions that have been made to your account. You can also click the ‘Change period’ icon to drill down by different time periods. You can also change the time period by clicking 'change period' in the top right-hand corner. 

You can also see this on your 'myIR' account.

The employer amount being less than the amount you put in is due to Employer Superannuation Contribution Tax (ECST). Inland Revenue deducts this tax before the contributions are passed onto us for investment.

You can apply to Inland Revenue for a Savings Suspension - in most cases, you must have been a KiwiSaver member for at least 12 months. Stopping contributions for a time is easy, but remember, it will cut down how much you'll have for retirement, and you won't receive any employer contributions. Unless you make voluntary contributions, you won't receive government contributions either. If necessary, you can put your contributions on hold for three months to one year. Once your savings suspension expires, you must apply to Inland Revenue to extend it. You can restart anytime by asking your employer to start putting the money into your KiwiSaver account again.

KiwiSaver withdrawals

As KiwiSaver is a retirement scheme, you are eligible to withdraw your savings from your KiwiSaver account when you turn 65. However, you might be able to take out some or all of your KiwiSaver savings earlier in limited circumstances. These include purchasing your first home, moving overseas, suffering from significant financial hardship, or severe illness. 

  • First home - If you have been in KiwiSaver for three years, you can take out some of your savings for your first home.
  • Moving Overseas - If you move permanently to Australia, you can transfer your KiwiSaver funds to an Australian Superannuation scheme. If you have lived overseas (not in Australia) for one year, you can take out most of the savings from your KiwiSaver account.
  • Financial hardship - If you suffer significant financial hardship, you may be able to withdraw some or all of your and your employer’s contributions.
  • Serious illness - You may be able to withdraw some or all of your KiwiSaver funds early if your health permanently affects your ability to work, or you could die.
  • Other reasons - Bankruptcy, relationship property, paying tax liability and your KiwiSaver when you die.

You can find more information on the IRD website here.

If you meet the criteria to withdraw your KiwiSaver savings, complete the relevant withdrawal application form and return it to us at [email protected]. You can find the KiwiSaver withdrawal application forms on the Investor Documents page here, and by selecting ‘KiwiSaver Documents’ then ‘Forms’. Each application form requires different information, so ensure you have filled out the form correctly to avoid delays.

If you suffer significant financial hardship, you may be eligible to withdraw some of your KiwiSaver savings early. 

You may apply for a significant financial hardship withdrawal if you:

  • cannot meet minimum living expenses.
  • cannot pay the mortgage on the home you live in, and your mortgage provider is seeking to enforce the mortgage.
  • need to modify your home to meet your unique needs or those of a dependent family member.
  • need to pay for medical treatment for yourself or a dependent family member.
  • have a serious illness.
  • need to pay the funeral costs of a dependent family member.

If your application is approved, you can withdraw contributions you and your employer have made. Government contributions cannot be withdrawn and must remain in your KiwiSaver account.

To apply for a significant financial hardship withdrawal, you must complete the KiwiSaver Significant Financial Hardship Withdrawal Form. You can find this on the Investor Documents page here, and by selecting ‘KiwiSaver Documents’ then ‘Forms’. If all information is provided, we will send your application to our scheme Supervisor, who will assess your application and decide whether you will be approved for a withdrawal and how much will be paid if approved.

The Supervisor needs to be reasonably satisfied that you are suffering or likely to suffer from significant financial hardship and that all reasonable alternative funding sources have been explored and exhausted.

KiwiSaver in retirement

Your KiwiSaver retirement age begins when you turn 65 years of age. You do not have to withdraw all or any of your KiwiSaver savings immediately when you retire; there are many options. If you choose to do nothing, your savings will continue to be invested as they are currently, and you can even continue to add to your account if you wish. 

Your KiwiSaver option when you turn 65:

  • Keep your savings invested: If you don't need your money immediately, you can leave it in your KiwiSaver account until you decide to withdraw some or all of it. You can continue to contribute, and if you’re still working, although your employer isn’t obligated to contribute after 65, they might offer to. This is a cost-effective way to be invested in markets.
  • Set up a regular income stream: You can set up a regular withdrawal to supplement your NZ Super and any other retirement income sources while still keeping the rest of your savings invested and working for you.
  • Withdraw some of your savings: You don’t have to withdraw all your savings at once. You can choose to make partial lump sum withdrawals for one-off expenses at any time while still keeping the rest of your savings invested,
  • Withdraw all of your savings: You can choose to make a complete withdraw.

Contact our team if you want to know more about your retirement options. 

Yes, of course! You can continue contributing to grow your KiwiSaver balance. However, once you turn 65, your employer does not have to contribute, but they might offer to. Also, you will not be eligible to receive the annual government contribution.

Our Investment Services