Total Mortgages Can Help With Using Your Kiwisaver to Help Buy Your First Home

One of the great features of KiwiSaver is that it can be used to help you buy your first home. There are criteria you have to meet though, and each home buyer’s situation is different so it can get confusing, and Total Mortgages can help you with links on their website to access their Kiwisaver information. Total Mortgages can also advise on how much of your Kiwisaver you can use.

After three years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. The grants are administered by Housing New Zealand and will be paid to your solicitor, and the two HomeStart grants are:

For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership.

For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member. Total Mortgages can determine if you are eligible to apply for a HomeStart Grant if you have been in Kiwisaver for long enough, and they can apply for this Grant for you.

KiwiSaver has features designed to help first home buyers. If that’s you, and you've been a member of KiwiSaver for a minimum of three years, you may be able to withdraw some of your KiwiSaver savings to put towards purchasing your first home. Even if you've owned property before, you may still be eligible to withdraw your savings if Housing New Zealand Corporation decides that you’re in the same financial position as a first home buyer. Also,if you've got a partner who has previously owned a home but you haven’t, you can still apply for the withdrawal.

Total Mortgages can also advise on how much Kiwisaver you would need to get to a suitable purchase price, so for more information on NZ mortgage rates, mortgage brokers Hamilton and Waikato insurance brokers please go to https://www.totalmortgages.co.nz