Can you use kiwisaver to buy a house

The document will need to be witnessed by a JP, a solicitor, Member of Parliament, court registrar or anyone authorised under New Zealand law to administer an oath or declaration. New rule: You can withdraw all of your KiwiSaver funds except the kickstart. You can't have received the KiwiSaver first-home withdrawal before. You can only receive the first home grant once, so anyone wanting to buy a home using KiwiSaver money must be doing so for the first time.

You can't have owned a property before. In general, you can't have owned or currently own a property to be eligible for the grant. However, there are some exceptions. If you have previously owned a property, it's possible in certain circumstances, to qualify for a KiwiSaver first home withdrawal. You will need to apply to Housing New Zealand to assess your eligibility for a second chance withdrawal and they will determine whether you fit the criteria.

You need to have been a KiwiSaver member for at least three years. There are no restrictions around how much you earn or the price of the house. Neither of these will impact your eligibility to get the KiwiSaver first-home withdrawal. There are some circumstances in which you may use your KiwiSaver money if you have previously owned a home, and our advisers will be able to guide you through this process.

You will need to contact your KiwiSaver provider to apply for withdrawal of money, so it is important you choose a company that knows the scheme inside and out. After approval is granted, the money will be deposited directly to your solicitor or conveyancing practitioner. Some or all of the withdrawal amount may be paid to the stakeholder, and will be put towards the deposit.

If for some reason the settlement is not completed the vendor or real estate agency is obliged to return the money to your solicitor, which will be placed back into your KiwiSaver account. Any balance withdrawn that is not used for a deposit is held by your solicitor for settlement. There are measures in place to return any residual funds if settlement is not completed.

You will remain a KiwiSaver member after you have made your withdrawal for your first home, making contributions or taking a contributions holiday to focus on repaying your mortgage. The team at Lifetime is dedicated to the very best outcome for you and your investment, guiding you through this process from beginning to end.

The KiwiSaver HomeStart Grant value is based on the type of property you are purchasing and how long you have been actively contributing to KiwiSaver. Business and Rural Small business. ASB Business Hub. Commercial and corporate. Join ASB.

Help and Support. Rates and Fees. Calculators and Tools. Terms and Conditions. About us. Careers at ASB. Cheque-Free update. Buying your first home with KiwiSaver. Join or transfer Join or transfer. First home? First get a KiwiSaver plan. When it comes to saving for your first home, our team of experts can show you how small changes now can make a big difference later. You've been saving with KiwiSaver or another complying superannuation fund for at least three years.

You're a first-time property or land owner. The property or land is in New Zealand. You're going to live in the home you're buying or build a home to live in on the land you're buying. It's the first time you've made a KiwiSaver withdrawal to buy a home.

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