KiwiSaver withdrawal statistics may show a "tale of two New Zealands".

Data from Inland Revenue showed there was $244.3 million taken out of the scheme in June for first homes and hardship reasons.

Of that, $43.4 million was withdrawn by people in financial hardship, up from $36.5m in June 2025.

Another $200.9m was withdrawn for first homes, up from $155.3m in June 2025.

A total of 4370 people withdrew money from KiwiSaver for a first home in the month, with an average withdrawal of just under $46,000.

There were 5130 hardship withdrawals, for an average of just under $8500.

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Simplicity chief economist Shamubeel Eaqub said it showed some people were in a strong financial position, while others struggled.

He said people who had been investing in KiwiSaver through recent years had experienced the benefit of very strong markets.

"All of a sudden that's compounded to a big number. The average withdrawal is now $46,000 so for a couple that's over $90,000 - $90,000 is a decent deposit in many parts of New Zealand."

Eaqub said with the housing market weak, people's deposits growing, and mortgage rates still lower than they had been, it was a "sweet spot" for buyers.

Koura founder Rupert Carlyon agreed.

"It's a great time to be a first-home buyer, would be my honest feeling. A lot of those first-home houses have got materially cheaper over the last couple of years.

"It's one of the segments that's dropped more than anywhere ... I think people are thinking 'now I can'. Particularly with balances ticking up, markets have been good to people."

But Eaqub said the data showed no sign yet of a drop in hardship applications, which had hit record levels in recent years.

"The biggest reason why people are dipping into KiwiSaver is still they're just finding it really tough."

He said hardship applications Simplicity received were usually related to job losses, mental health issues, or medical emergencies.

"A lot of people are coming back for the second time because they've had the first 13 weeks or whatever and things still haven't improved."

Carlyon said he was not seeing a drop in withdrawal numbers but they were not accelerating like they had been.

"I think what we are seeing is people who are much more savvy about withdrawals. They know what they're asking for, they know how to ask for them. There's definitely a bit of an industry going on.

"People are fighting back a lot more."