KiwiSaver and First Home Super Saver (FHSS)
Can you use your KiwiSaver to buy a first home?
Yes, you can. If your KiwiSaver has been transferred to an Australian super fund (which accepts KiwiSaver transfers), you can use it toward a first home through the Australian Government First Home Super Saver (FHSS) scheme, subject to ATO eligibility.
Even if you already own a home in New Zealand, you can still apply.
How the First Home Super Saver (FHSS) scheme works
The FHSS scheme allows you to use personal voluntary contributions made to your super account to help you save for and purchase your first home in Australia.
Your KiwiSaver transfer is considered a personal voluntary contribution. You can use both your KiwiSaver and personal voluntary contributions under the FHSS scheme.
Super Guarantee (SG) contributions made by your employer or government co-contributions cannot be used towards FHSS.
How much can I access for my first home?
The most you can access from your super account is $15,000 in any one financial year. You can access up to a total of $50,000 per person over several years.
If you are a couple and each of you save $15,000 in any one financial year, over several years, you could access a combined amount of up to $100,000.
The dollar amounts are in Australian dollars and the financial year runs from 1 July to 30 June.
Using Your KiwiSaver to buy a First Home in Australia
First, you’ll need to transfer your KiwiSaver to a KiwiSaver accepting super fund such as First Super. There are only a handful of super funds which accept KiwiSaver transfers and we’re one of them!
You must transfer your whole KiwiSaver balance. Be aware of transfer limits.
Regardless of how much you transfer to Australia, the most you can use from your KiwiSaver transfer towards the FHSS is $15,000.
If you want to access the full amount of $50,000 per person, you’ll need to make additional voluntary contributions to your super account over several years.
Are you ready to purchase your first home in Australia?
When you’re looking at mortgages and how much you can borrow, now is the time to get your finances in order.
If you plan to use your KiwiSaver through the FHSS scheme you will need to transfer this to Australia before applying for FHSS. The transfer can take approximately 2-6 weeks.
When your KiwiSaver transfer arrives in your First Super account, get in touch with our Member Services team and request for your account details to be sent to the ATO. The ATO will need your account transaction details for the FHSS determination.
How to apply for FHSS
The ATO is responsible for setting and applying the rules for the FHSS scheme and not the super fund.
The super fund can only release money under the FHSS scheme when instructed by the ATO. The super fund has no control over this.
The ATO website is an excellent resource and has all the information you need.
When you are ready, you apply for a FHSS determination through the Australian myGov portal.
What is FHSS determination?
The FHSS determination will show you how much of the annual limit of $15,000 and overall yearly limit of $50,000 you will be able to access from your super.
If there are any errors with the determination make sure you resolve these issues before you request a release.
When should you request a FHSS determination?
You must apply for the FHSS determination with the ATO before ownership of any real estate property transfers to you. Generally, ownership of property transfers following settlement of a property contract.
If settlement happens before receiving a FHSS determination from the ATO you will not be eligible for the FHSS.
When do I receive the funds from my super?
After you have the FHSS determination and you are ready to access your FHSS amount, you can request a release.
You can make a release request either:
- Before you sign a property contract
- Within a limited period of time after signing a contract
- If you FHSS determination was made on or after 15 September 2024, you should make a release request within 90 days of signing the contract
- If you make a valid release request after signing your contract and outside of this timeframe, you’ll be subject to FHSS tax.
What happens if you don’t buy a first home?
If you change your mind or are unable to purchase your first home, the amount of money saved in your super cannot be withdrawn. It will stay in your super account as part of your retirement savings until you reach your preservation age.
Ready to transfer your KiwiSaver?
Before you transfer, note that:
- First Super is one of a few funds which accepts KiwiSaver transfers
- It’s not mandatory for Australian superannuation funds to accept KiwiSaver transfers and the majority of super funds do not offer this service
- You must transfer the whole balance. Transfer limits apply1
- Once in Australia, your KiwiSaver can only be moved between KiwiSaver accepting funds or back to a KiwiSaver fund in New Zealand
Can I use my KiwiSaver to buy a house in Australia?
Yes, if your KiwiSaver has been transferred to an Australian super fund which accepts KiwiSaver transfers.
Once it is here, it counts as a personal voluntary contribution, so it can be used through the First Home Super Saver (FHSS) scheme toward your first home, subject to ATO eligibility.
Compulsory employer contributions cannot be used. Only a small number of funds can accept KiwiSaver transfers.
Am I eligible for FHSS if I already own a home in New Zealand?
Owning a home in New Zealand does not automatically rule you out of the Australian FHSS scheme.
Eligibility is set by the ATO, so check the current rules on the ATO website or talk to our Member Services team before you apply.
How much of my KiwiSaver can I use for a first home?
Up to AUD $15,000 of your KiwiSaver can be used towards FHSS. That cap applies no matter how much was transferred to Australia through your KiwiSaver transfer.
To reach the full $50,000 FHSS you will need to make additional voluntary contributions on top of your KiwiSaver transfer.
The most you can contribute $15,000 per financial year. It will take a few years to reach the maximum of $50,000 per person.
Do I need to transfer my KiwiSaver before I can use FHSS?
Yes. Your money needs to be in an Australian fund that accepts KiwiSaver transfers, such as First Super, before it can be used through the FHSS scheme.
Transfers take roughly two to six weeks, so start early if you are house-hunting.
For more information on FHSS see our FHSS factsheet.
We’re here to help, so get in touch.
We’ve helped thousands of New Zealanders successfully transfer their KiwiSaver to Australia.
If you would like help transferring your KiwiSaver to Australia, or have any other questions, please call our Member Services Team on 1300 360 988, use Live chat or email us.
This webpage on KiwiSaver and FHSS may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consider whether the advice is appropriate to your personal circumstances and consult the Product Disclosure Statement before making any investment decision.