More Kiwis use KiwiSaver for homes—and plan ahead
More than 115,000 New Zealanders have used their KiwiSaver savings with ANZ to buy a first home, with total withdrawals now surpassing $3 billion.
“KiwiSaver is helping thousands of New Zealanders take that first big step into home ownership,” said Fiona Mackenzie (pictured left), managing director of ANZ Investments, in a media release.
In the past 12 months alone, more than 9,200 ANZ members made a first-home withdrawal, taking out an average of $43,000. The majority—86%—were aged under 45, with an average age of 34. Around 60% were invested in growth-oriented funds such as high growth, growth, or balanced growth, while 14% were in cash funds.
Encouragingly, 89% of members continued contributing to their KiwiSaver within three months of making a withdrawal.
“It’s really encouraging to see many of our members are continuing to contribute to their KiwiSaver account after making a first home withdrawal,” Mackenzie said.
The latest Retirement Expenditure Guidelines 2025 from Massey University’s Fin-Ed Centre reinforce that continuing contributions is vital. The average first-home buyer is now around 35, typically using KiwiSaver savings to fund their deposit — but the report warns that many risk falling short at retirement if they don’t restart contributions quickly.
New KiwiSaver calculator to help boost long-term savings
ANZ has launched a new “Your KiwiSaver Calculator” within its goMoney app to help members estimate their projected savings by age 65. The tool allows users to experiment with different contribution rates and fund choices to see how small adjustments could impact their future balance.
“The calculator is tailored for each customer to help them see how small changes today – like adjusting their contribution rate or changing the fund they’re in – can make a big difference to their KiwiSaver balance at 65,” Mackenzie explained.
The feature is available to ANZ KiwiSaver members aged 18 to 64 who have been with an ANZ-managed scheme for at least 12 months and have a balance of $1,000 or more.
ANZ sees rise in first-home lending
In addition to KiwiSaver withdrawals, ANZ NZ reported that just over 11,000 first-home buyers took out home loans in the year to Sept. 30, up from around 10,000 the previous year. The average age of borrowers was 35.
“It is great to see more people achieving that milestone of homeownership,” said Emily Mendes Ribeiro (pictured right), ANZ’s general manager for homeowners. “The combination of lower interest rates and housing at a more affordable level has been really good for first-home buyers.”
Balancing home loans and long-term savings
ANZ is encouraging homeowners to think strategically about balancing mortgage repayments and KiwiSaver contributions. Mackenzie noted that the right approach varies for each individual.
“For some, the first step is making sure they’re getting all the KiwiSaver benefits,” she said. “This includes government or employer contributions.”
She added that maintaining a long-term savings mindset remains essential.
“We are living and working longer. Retiring at 65 is no longer guaranteed. So, the more you can save now the greater the choices you will be able to make in later life,” Mackenzie said.
Ultimately, she said, owning a home and saving for retirement should work hand in hand to build long-term financial security.
According to the Fin-Ed Centre, the average two-person “Choices” household needs around $1.03 million on top of NZ Super for a comfortable metro retirement — underscoring why KiwiSaver contributions after home purchase are crucial for future financial wellbeing.
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