You may also be entitled to a KiwiSaver HomeStart grant to help you along the path to home ownership.
Am I eligible to use my KiwiSaver?
To make a first home withdrawal from your KiwiSaver, there are a few important criteria you’ll need to meet:
What is the HomeStart Grant?
The KiwiSaver HomeStart Grant provides you with a cash grant that you can put towards your first home too if you’re eligible.
To be in the running for this grant, you’ll need to have been contributing regularly to KiwiSaver for at least three years.
The HomeStart grant can provide you with $1,000 for each year of your contribution to the KiwiSaver scheme, up to $5000 per buyer for an existing or older home, and up to $10,000 per buyer for a newer home or land to build a new home on.
Am I eligible for the HomeStart Grant?
There are a few other criteria you’ll need to meet before you can be eligible for the HomeStart Grant, such as meeting the income cap threshold of $85,000 or less in the last year for a single buyer, and a combined income of $130,000 or less in the last year for two or more buyers.
There’s also a cap on the price of houses you can purchase under this grant – for example, in Auckland, the cap for existing/older properties is $600,000 and $650,000 for new properties.
To be eligible for a KiwiSaver HomeStart grant you must:
If you’ve owned a home before, you may still be eligible to withdraw your savings, but you’ll need to contact Housing New Zealand to determine if you’re in the same financial position as a first home buyer.
If you’re not sure if you’re eligible, it’s best to seek advice from Housing New Zealand directly.
If you have any questions on how you can use KiwiSaver as a first-home-buyer, contact our friendly mortgage team today!
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