Using KiwiSaver to buy your first home.

As someone who helps first home buyers on a daily basis and sees the confusion regularly around what you can and cannot do with your KiwiSaver funds, I thought I should provide some clarity to help you realise how easy the process can be. If you’ve been planning on putting your KiwiSaver funds towards the deposit on your first home, this blog will help you through the process.

As long as you’ve been a KiwiSaver member for at least three years, you’re able to withdraw all your personal contributions as well as all your employers’ contributions and the interest you’ve earned, to assist you in purchasing your first home. You cannot withdraw Government contributions, including the $1000 kick start you received when you first joined KiwiSaver. If your income meets particular criteria you might also be eligible for a HomeStart grant.

The brand new KiwiSaver HomeStart grant offers a maximum of $5,000 to singles and $10,000 to couples. If you’re building or purchasing a brand new home, this doubles to $10,000 for singles and $20,000 for couples. You can check if you meet the criteria on the Housing New Zealand eligibility calculator.

I can help you get a 10% deposit, a great interest rate and in some cases a healthy cash back bonus which will assist you greatly in getting into your first home. Also remember my services are free to you as my commission is paid by the banks.

If you want a smooth experience and peace of mind when buying your first home, get in touch with me today to discuss how I can help you get on the property ladder with no hidden costs or fees. To hear more about how I help my clients and what I’ve been doing in the community lately, head on over to my Facebook Page and give it a like while you’re there!