Things can move quickly when buying a house, so it’s a good idea to have a pre-approved home loan before you start looking. Knowing how much you can borrow will help you search for properties in your price range.
To be eligible to withdraw some or all of your KiwiSaver you must:
You can now withdraw funds from your KiwiSaver to put towards your initial deposit (previously this was only possible upon going unconditional). If you have a conditional sale and purchase agreement you can choose to make your withdrawal at the point of deposit or when you settle.
Contact your KiwiSaver provider regarding any entitlement before beginning the purchase process if you are purchasing a home for the first time.
If you are a previous home owner, you will still need to apply through your scheme provider; however Kāinga Ora will initially need to determine whether you are a qualifying person. If you are deemed to be in the same financial position as a first home buyer, the letter produced by Kāinga Ora will need to be forwarded to your KiwiSaver scheme provider, to assist with your application to withdraw your KiwiSaver contributions.
Find out more here - https://kaingaora.govt.nz/home-ownership/kiwisaver-first-home-withdrawal/
You can apply for the grant through Kāinga Ora - Homes and Communities.
Find out more here - https://kaingaora.govt.nz/
How it Works
You can apply for either:
If you buy a new home or land
If you buy a new home or land to build on, you can get $2,000 for each of the 3 (or more) years you've paid into the scheme. The most you can get is $10,000 for 5 or more years.
To find out more including eligibility and property criteria, as well as income and deposit visit - https://kaingaora.govt.nz/home-ownership/first-home-grant/check-you-are-eligible-for-first-home-grant/
As well as having a 5% deposit, you need to meet certain criteria including an income cap and regional house price cap. You will also need to meet the speciﬁc lending criteria of the participating lender you choose.
The criteria are listed below along with an easy guide to check at a glance if you are eligible to apply: -
To find out more including eligibility and property criteria, as well as income and deposit visit - https://kaingaora.govt.nz/home-ownership/first-home-loan/check-you-are-eligible-for-first-home-loan/