Using KiwiSaver for your first home purchase

Using KiwiSaver for your first home purchase
Have you found a home where you would love to spend the rest of your life? Is this your first-ever home purchase, and you are wondering what the best way to pay for it is? You may be eligible to either withdraw funds from KiwiSaver or receive the First Home Grant when buying your first home! Hayman Lawyers is here to explain the process and how it can support and benefit you when purchasing your first ever home! If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home. The following requirements need to be met for you to be able to use your Kiwisaver savings on your home purchase:
  • At least $1,000 must remain in your KiwiSaver account after the withdrawal
  • You can’t use the funds on an investment property. You must intend to live in the home you are buying.
  • Have not owned a home or land before
  • Must be buying home or land within New Zealand
  • Have not made a first home withdrawal before
Another way to fund your first home purchase is through the First Home Grant, which supports KiwiSaver members get into their dream home. The amount of the grant depends on whether you are buying an existing property or are building a new home and how long you have been contributing to your KiwiSaver account.
  • If you are buying an existing home, you receive $1,000 for each year you have been a KiwiSaver member, up to the maximum amount of $5,000.
  • If you are buying a new build, you receive $2,000 for each year you have been a KiwiSaver member, up to the maximum amount of $10,000.
It is important to get your KiwiSaver application to your bank well before the settlement date, as you won’t be eligible for your first home withdrawal if you have already settled on a house or land. Hayman Lawyers can support you in purchasing your first home and explain how the KiwiSaver scheme can help you achieve your dream of buying a house. Our friendly and knowledgeable team of lawyers can read over the contract, prepare any documentation you may need for your KiwiSaver withdrawal application and support you in getting a First Home Grant. We love helping first home buyers achieve their dreams and do everything to support you in your purchasing journey! Get in touch with our team today to learn more about how your KiwiSaver account can help you buy your first home and what Hayman Lawyers can do to support you further!
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