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_Sarahh91(Newbie)Newbie
26 Jan 2021

Hi there,

I would be really grateful for anyone's help regarding using your Kiwisaver towards your first home in Australia.

I have spent hours upon hours researching the internet to get a straight answer and I can't seem to find one. My partner and I are moving to Perth, WA and want to buy our first home. We have 60k in Kiwisaver so this is a large portion of our deposit on a house. I know you can transfer your Kiwisaver to Australia Superannuation, however it's not 100% clear if you can withdrawl it for a first home?

Has anyone done this before?

I've read you can only withdraw your personal contributions, not your employer however how can you even decipher the difference?

I would hate to move to Australia and figure out that I can't even use my Kiwisaver ?

Thanks in advance for any help!

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6 replies
Liked by Ahsanuk1
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6 replies

Most helpful response

Most helpful reply

_JoshH(Community Support)Community Support
28 Jan 2021

Hi @Sarahh91,

First of all, I'm sorry that your partner didn't get the outcome that you were both looking for when calling our contact centre. I've consulted our Superannuation team and they have offered the following information.

Please refer to GN 2018/1 First home super saver scheme

If you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts listed below). Also, transfers from other foreign funds into an Australian super fund are eligible (except for the amounts listed below).

The following contributions are not eligible:

    • super guarantee (SG) contributions made by your employer
    • mandated employer or member contributions made for you under an award, industrial agreement
    • member contributions made for you by your spouse, parent or other friends or family
    • amounts you receive under a contributions-splitting arrangement
    • government co-contributions
    • contributions under a structured settlement or personal injury order
    • amounts contributed to super as part of the small business CGT concessions
    • amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts
    • applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund's assessable income.

    When completing the FHSS determination, it is important to include the amount transferred into the Australian superfund as per the Australian superfund statement with the amounts in Australian dollars and date of contribution being the date the money was received by the Australian fund. The contribution should be classified as Personal Voluntary Contribution. Let me know if you have any further questions. :)

    All replies

    QSuper(Devotee)Devotee
    26 Jan 2021

    Hi @Sarahh91

    KiwiSaver funds are eligible for release under the First Home Super Saver Scheme. However, while you mentioned you currently have $60k in KiwiSaver funds, it could be the case that not all funds held are eligible for release.

    Under the FHSS Scheme rules if you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts listed below). Also, transfers from other foreign funds into an Australian super fund are eligible (except for the amounts listed below).

    As per GN 2018/1 the following contributions are not eligible:

    • super guarantee (SG) contributions made by your employer
    • mandated employer or member contributions made for you under an award, industrial agreement
    • member contributions made for you by your spouse, parent or other friends or family
    • amounts you receive under a contributions-splitting arrangement
    • government co-contributions
    • contributions under a structured settlement or personal injury order
    • amounts contributed to super as part of the small business CGT concessions
    • amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts
    • applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund's assessable income.

    When money is transferred between super funds although you would usually just see the dollar amount being transferred, in the background there is generally detailed fund information provided to the receiving super fund. For further clarity on this you may wish to speak to the Australian super fund who will be receiving your KiwiSaver.

    Hope this helps,

    Mark

    _Sarahh91(Newbie)Newbie
    26 Jan 2021

    Hi Mark,

    Thank you so much for your reply. My partner just called ATO and spoke to someone who said "he hadn't trained in that area for a while but from what he sees it counts as a transaction into a super not a contribution so you cant use it. And you can't put it into a self managed fund where you could then withdrawl." Pretty much said if we transfered it it would be in a super until we retired.

    I have so much conflicting information I would hate to move to Perth and then not be able to use a cent of our kiwisaver. ? I think I'll give ATO a call again and try and speak to someone who knows more.

    Andy12345(I'm new)I'm new
    8 Jan 2022

    Hey Sarahh91.


    I'm in a similar boat to you. Can't seem to get a straight forward answer. Some people say yes and some say no. Did you gget to use your kiwisaver in the end? Thanks in advance.

    Andrew.

    Ahsanuk1(I'm new)I'm new
    16 Nov 2023

    Hi @Sarahh91 Et al.


    I am currently in a similar situation as you were a few years ago. I would appreciate it if you could share your experience with KiwiSaver. Specifically, I would like to know how much you received from KiwiSaver and what the transition process was like for you. Additionally, I would greatly appreciate any advice or learnings you can provide.


    Thank you!

    Ahsan Khan


    Most helpful reply

    _JoshH(Community Support)Community Support
    28 Jan 2021

    Hi @Sarahh91,

    First of all, I'm sorry that your partner didn't get the outcome that you were both looking for when calling our contact centre. I've consulted our Superannuation team and they have offered the following information.

    Please refer to GN 2018/1 First home super saver scheme

    If you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts listed below). Also, transfers from other foreign funds into an Australian super fund are eligible (except for the amounts listed below).

    The following contributions are not eligible:

      • super guarantee (SG) contributions made by your employer
      • mandated employer or member contributions made for you under an award, industrial agreement
      • member contributions made for you by your spouse, parent or other friends or family
      • amounts you receive under a contributions-splitting arrangement
      • government co-contributions
      • contributions under a structured settlement or personal injury order
      • amounts contributed to super as part of the small business CGT concessions
      • amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts
      • applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund's assessable income.

      When completing the FHSS determination, it is important to include the amount transferred into the Australian superfund as per the Australian superfund statement with the amounts in Australian dollars and date of contribution being the date the money was received by the Australian fund. The contribution should be classified as Personal Voluntary Contribution. Let me know if you have any further questions. :)

      teren(I'm new)I'm new
      26 July 2024

      Thanks JoshH,


      Let's say I have 50k in my KiwiSaver, and I transfer it from NZ to AU today with the intention of buying a first home in Australia. I understand a certain portion of that balance, e.g., government and employer contributions won't be available to withdraw. Lets assume the total "available" to withdraw is 35k. Will I be able to use substantially, most of this entire balance for my first home? I'm just confused about the limits that apply. From my understanding, you can withdraw a maximum amount of $15,000 of eligible contributions made in a particular financial year, to a total of $50,000 where a determination is requested on 1 July 2022 or later. BUT, only 85% is releasable. Would the ATO take the transfer to be a voluntary contribution, and in that case, is the maximum I can get 85% of 15k = 12,500. Or, would the ATO consider the KiwiSaver as having built up over time, and allow a release of 85% of 35k? = 28k?

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