Solution Street Can Help You With Buying Your First Home with KiwiSaver
Wednesday 25 August 2021, 3:01PM
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Solution Street can provide you with affordable and desirable homes in sought-after communities throughout Auckland, and their team can help you find the right home and guide you through the process of buying a first home with KiwiSaver, Welcome Home Loans, and the First Home Grant.
You can secure your financing and move in faster when buying your first home with KiwiSaver, which can be applied to your deposit, but it can also have a ripple effect that lowers your mortgage payments by helping you secure a better interest rate. To be eligible for a first home withdrawal from your KiwiSaver account, you must ensure that you have not made a withdrawal from KiwiSaver for this purpose before, and have been a member for at least three years. Also the house you’re purchasing must be in New Zealand, and must also be your intended principal place of residence.
If you’re eligible, you can then apply to withdraw the total amount in your account, minus $1,000 and any amount transferred from an Australian complying superannuation scheme. You can now use your KiwiSaver savings towards the deposit while your sale and purchase agreement is still conditional. Alternatively, once the offer is unconditional, you can put your KiwiSaver savings towards the purchase price at settlement.
As Solution Street explain, using your KiwiSaver account can jumpstart your home purchasing journey. However, to fully maximise your KiwiSaver, you must make sure you’re putting in more than the minimum so that you’ll have more options when you’re ready to use those hard-earned savings.
If you have friends or family co-purchasing the property, all eligible members can pull their KiwiSaver funds and combine them together. Every person with a share is eligible to withdraw, lightening the load of the withdrawal amount compared to when you’re purchasing on your own, so for more information on buying first home with Kiwisaver and buying your first house please go to https://www.solutionstreet.co.nz