Hayman Lawyers explain how you can use Kiwisaver for your first home purchase in their latest blog.
The Wellington specialist conveyancing lawyer is supporting first home buyers in their journey by making the budgeting and funding of their payment easier to understand.
You can use KiwiSaver for your property purchase if it’s the first home you are buying, you intend to live in the house that you are buying, and the property is located in New Zealand. You can only withdraw funds from your KiwiSaver once, and at least $1,000 must remain in the account.
KiwiSaver also offers a First Home Grant for your purchase. If you are buying an existing home, you receive $1,000 for each year you have been a KiwiSaver member, up to the maximum value of $5,000. If you are purchasing a new build, you receive $2,000 for each year you have been a member to the maximum value of $10,000.
Hayman Lawyers strongly advises that you take advantage of the grant and your KiwiSaver savings, which will make it easier to get into your dream home. We can support you in your KiwiSaver withdrawal application to ensure that you get the funds on time. Contact us if you are thinking about purchasing your first home, and we can help out with all legal matters!