Can I use KiwiSaver as my only deposit?

Short answer: Yes if it covers the full deposit. Most people combine it with savings.

What this actually means in plain English

Only if your KiwiSaver balance covers the full deposit amount. For a 5% deposit on a $500,000 house, you need $25,000. If your KiwiSaver has exactly that, yes. But most people combine KiwiSaver with savings. The bank just wants the total deposit. They do not care which account it comes from.

Key Facts

Bank only cares about total deposit amount
Source can be KiwiSaver, savings, gifts, or grants
KiwiSaver withdrawal goes to lawyer, not your account
Must have enough total for minimum deposit percentage

Example

House Price: $500,000

Five Percent Deposit: $25,000

Kiwi Saver Balance: $30,000

Result: Yes, KiwiSaver covers full 5% deposit

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