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Solution Street Will Get You Into Your First Home Faster

Friday 3 December 2021, 4:42PM

By Beckie Wright

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You can secure your financing and move in faster when buying your first home with KiwiSaver, and Solution Street. They explain that when you decide to purchase a home, you need to work out how much you can afford, and you’ll want to break this down into three primary costs: the sale price of the home, the deposit, and your regular mortgage payments.  

Your Kiwisaver 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 access your KiwiSaver money it is vital to apply for your first home withdrawal early. To be eligible for a first home withdrawal from your KiwiSaver account, you must ensure the following: 

You must not have made a withdrawal from KiwiSaver for this purpose before 

You need to have been a member for at least 3 years 

The house you’re purchasing must be in New Zealand 

The home you’re buying 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 are still conditional. Alternatively, once the offer is unconditional, you can put your KiwiSaver savings towards the purchase price at settlement. 

Once you’ve got your home applications approved and sorted, the next big step is finding the right home for you. Solution Street will provide you with affordable and desirable homes in sought-after communities throughout Auckland. 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. 

Solution Street opens the door to freehold property ownership by creating boutique developments on large, under-utilised sections of land. This provides opportunities for people to buy a new home the neighbourhoods they already love. Solutions Street’s customers range from single professionals and young couples wanting to get on the property ladder, to empty nesters who want a maintenance-free and healthy home, or even savvy investors looking for a smart rental property option. 

So, with this in mind, please take a moment to find out more about Kiwisaver first homes and  help buying a home by visiting the website at https://www.solutionstreet.co.nz .