Since the scheme launched in 2007, more than 100,000 people have used KiwiSaver to buy their first home.
Most people are aware that KiwiSaver can be used for two purposes: to save money for your first home deposit or save money toward your retirement fund.
This creates an incentive for both young people and seasoned workers to join the KiwiSaver scheme.
So how does KiwiSaver work? Below, we’ll cover the KiwiSaver First Home Withdrawal policy, KiwiSaver HomeStart grant and KiwiSaver Comparison Tools.
While the primary purpose of KiwiSaver is for retirement savings, you can withdraw money to use as a deposit for purchasing your first home.
The KiwiSaver HomeStart grant is administrated by Housing New Zealand and is what you will use for your first home deposit.
You can withdraw as much as you need for your first home deposit, granted you have a minimum balance of $1,000 in your account.
This includes all of your contributions, employer contributions, returns on investment, and any member tax credits that have accumulated in your account.
In order to be eligible for the KiwiSaver HomeStart grant, you must meet the following criteria:
While the HomeStart grant is for first-home buyers, you can still apply for a grant if you have purchased a home before, however this is approved on a case-by-case basis.
You can apply for the KiwiSaver HomeStart grant through the Housing New Zealand website. As long as you meet the requirements stated above, you are eligible to apply.
An application must be made at least four weeks prior to the date your deposit is required, otherwise, your claim could be rejected due to processes that need to be finalised.
Criteria and terms can vary depending on your situation, such as buying your home with more than one other person.
Planning on buying your first home in the near future? Make sure that you are making full use of KiwiSaver and on the right account to maximise your savings.
Compare KiwiSaver funds with our free online tool, allowing you to review the additional savings that you can make on other fund accounts.
There are plenty of fund options available, and many individuals are unaware of how easy it is to both compare Kiwisaver funds and choose the best for their situation.
At glimp, we want to help you choose the best plan for your future, so try our KiwiSaver Comparison Tool Today.
Lots of interesting stories out on the road today. From a significant pushback against combustion engine phase out in the EU, t...
Catch up on some of the latest industry developments in the world of auto today. From charging tech to cross-compatibility, see...
I’ve just had a great experience with Kurt from glimp compare. He helped me through the process from the time I clicked onto the website, via the chat function. Long story short I have signed up to a new power and broadband provider with significant cost savings. There was no pressure at any stage, just respectful guidance and facilitation to initiate the new supply.
Easiest service to use and knowledgeable and experienced staff. Made switching power and broadband stress free! Thanks Jamie S, they answered all my questions I had about starting a new connection for broadband and power - even better than calling Slingshot direct as I got 3 months free internet and credit for using my own modem :)
Virtually instant contact after filling out online form. Great rep - friendly and informative, great deal made for cheaper power, overall so far so good 😁
Used Glimp to get a better deal on gas/power Jamie S made things very easy and was super helpful. Would definitely recommend