You may still be eligible to withdraw some of your KiwiSaver savings to buy a new home and receive a First Home Grant. While Canstar can’t give you personalised financial advice, we can help you compare your options, so you can get a clearer idea of whether your investment is working for you. Your provider will pay the funds into your solicitor’s trust account. They may pay some or all of the withdrawal amount to a stakeholder (i.e. Owned a property in the past?

A First Home Grant makes it a little easier to buy your first home. The grant will be held in trust or escrow until settlement date, which can cause problems. Check and double check! A completed Westpac KiwiSaver Scheme First Home Purchase Withdrawal form. Westpac accepts no responsibility for the availability or content of such websites. Also, you can only make a first home purchase withdrawal once. * Important: you should be aware that, if you choose to withdraw some of your KiwiSaver funds for the purposes of making a deposit, you could suffer the loss of some or all of that amount. You must be a first home buyer and, if you’re buying as a couple, your partner has to be, too. Find the first home of your dreams.. From 1 June 2015, a change to KiwiSaver first home purchase … The material on this website is for information purposes only. However, the rules of the KiwiSaver first home withdrawal state that you aren’t able to use these funds towards the initial deposit of a property bought at auction. Each option has separate criteria and process.

Finally, if you’re buying your first home, we recommend you find yourself a lawyer early in the process to avoid any of the pitfalls mentioned above. BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme.

Understand the difference between a KiwiSaver first home grant, known as the HomeStart grant, and a first home withdrawal.

The catch 22: if you’re buying in one of the main centres, this level of income may not be high enough to buy much in the way of a home. It will then be paid to the vendor on settlement. If you’ve regularly contributed to a KiwiSaver scheme for at least three years, you can apply for the First Home Grant (administered through Housing New Zealand). If you’re not working and contributing to KiwiSaver for a period of months or years, that time will be deducted from your KiwiSaver first home grant eligibility. What’s more, the certificate must relate to the whole home and not some building work on the home. You may still be liable for real estate fees and other expenses incurred. The HomeStart grant is paid on settlement – that means first home buyers will need to get the cash together another way for the initial deposit.

This timeframe is crucial if you’re using funds for settlement, as you can’t make a first home buyer’s withdrawal after the property purchase has settled.

The balance of any amount withdrawn that’s not used for a deposit will be held by your solicitor or conveyancing practitioner for settlement. Insurer Financial Strength Rating and Solvency. A completed solicitor’s or conveyancing practitioner’s letter, which can be submitted to us by either you or your solicitor. You must be in KiwiSaver for at least 3 years before you withdraw funds for your first home. Beware, however, that moving an existing or older house onto a different section of land doesn’t constitute a new build property and is therefore only eligible for the standard grant. I want to use my KiwiSaver to buy my first home, I want to transfer my Australian Super or UK pension, Apply online to join the Westpac KiwiSaver Scheme, I want to send or receive money internationally, Westpac KiwiSaver Scheme First Home Purchase Withdrawal form. Make sure you have a look at the rates and home loan features providers are offering before approaching lenders. Fewer people tick all the boxes for a KiwiSaver HomeStart grant. References to non-Westpac websites are provided for your convenience only. Kāinga Ora - Homes and Communities administers this grant. © Copyright 2020 CANSTAR Pty Limited AR 443019 All Rights Reserved. You can withdraw: your contributions your employer's contributions; the government contribution interest you … You can also download the Product Disclosure Statement. You intend to use the property as your main place of residence. And, you must maintain a balance of at least $1,000 in your KiwiSaver account. Canstar’s free home loan comparison tools (access them via the button below) are there to help you make a shortlist of providers and products. You can use your myIR to create a PDF document of all of your KiwiSaver deductions and contributions. When you buy a house at auction, you have to pay a deposit immediately. You can read about the basics of the KiwiSaver HomeStart grant and first home withdrawal rules here. You must be in KiwiSaver for at least 3 years before you withdraw funds for your first home. Here are the HomeStart grant house price caps, by region, at the time of writing: If you don’t apply for the HomeStart grant at least four weeks (20 working days) before settlement, you may be too late to qualify. the vendor or a real estate agent) – this will be to put towards the deposit under your sale and purchase agreement. Instead, any KiwiSaver first home funds can only be used towards the remainder of the price of the home, which is paid on settlement day.

This includes the purchase of land you plan to build your first home on. Regardless of whether you are using your KiwiSaver savings towards retirement or a first home, it’s encouraged that you regularly review your investment to see how it’s performing and whether it’s still working for you. If you are in any doubt about this, talk to your solicitor. … If you’re applying to use your KiwiSaver funds at settlement, you’ll require an unconditional sale and purchase agreement.

A copy of the sale and purchase agreement listing you as the purchaser. If you plan to withdraw your funds within the next couple of years, you may find that a more conservative fund type will work for you. If your sale and purchase agreement is unconditional, you can apply to withdraw funds to put towards the purchase price at settlement. If the settlement isn’t completed by the due date (or by any agreed extended date), the money must be repaid to the Westpac KiwiSaver Scheme. Learning how to withdraw from KiwiSaver for a first home – or what boxes you need to tick for the KiwiSaver first home grant – can help you avoid tears along the way towards buying your first home. I want help working out what insurance I might need. Note: a maximum grant amount of $20,000 for a single dwelling applies. You need to put the KiwiSaver first home grant towards the land. You’ll need to live in the home for six months before you can rent it out. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. For an existing home, you could be eligible for a $1,000 grant for each year you’ve contributed to a KiwiSaver scheme at the minimum contribution rate, up to a maximum of $5,000. Heads up. KiwiSaver can help you start your new life in your new home sooner. This helps with your HomeStart grant application. Under the KiwiSaver HomeStart grant, there’s a price cap of $600,000 for an existing property and $650,000 for a new property, which makes it nigh impossible to find a home in a central location in Auckland, unless you’re willing to buy an apartment. This won’t be a problem if you’re buying a house and land package. Your step by step guide is below. Further details are available from kaingaora.govt.nz or phone 0508 935 266. Also, find out how to apply for a First Home Grant of up to $10,000. In the case of a KiwiSaver first home withdrawal, you should apply to your KiwiSaver provider, not Housing New Zealand. Before applying to make a withdrawal, contact Kainga Ora to see if you qualify despite being a previous home buyer. No. Depending on whether you're buying an existing home or a new build - you can get up to $10,000 towards buying your first home using the KiwiSaver HomeStart grant. You've been saving with KiwiSaver (or another complying superannuation fund) for at least three … The grant is paid by the government and administered by Kainga Ora. If you were not resident in New Zealand at any time while in KiwiSaver, you need to allow an additional five days. You can’t withdraw any amounts transferred from an Australian complying superannuation scheme. You may be able to access most of your savings now, to buy your first home.

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