KiwiSaver, Home Start and Welcome Home Loan
Summary of Options for Your First Home Purchase
It’s been a busy couple of months helping first home buyers get into their first homes – and it’s so satisfying. I remember my first home like it was yesterday!
To help, I have summarised the key criteria and opportunities for first home buyers (or those that have owned a home before but are in the same position as first home buyers again now) to access these opportunities. I hope it helps…..
KiwiSaver – 1st Home withdrawal
– Must have been with Kiwisaver for at least 3 years
– Can withdraw all of your Kiwisaver balance (except overseas fund transfers) except for $1000
– Must be for an owner-occupied first home
– Can be combined with a Homestart grant for your deposit
HomeStart grant provides eligible first-home buyers with a grant of up to;
– $5,000 for individuals and up to $10,000 where there are two or more eligible buyers to put towards the purchase of an existing/older home.
– $10,000 for individuals and up to $20,000, where there are two or more eligible buyers to help with the costs of purchasing a brand new home.
– Accessing Kiwisaver and Homestart requires a minimum of 3 years continuous contribution to Kiwisaver to be earning less than $85,000 Gross (individual) or $130,000 Gross (Couple).
– Has a maximum house price cap in Tauranga/Western Bay of Plenty of $500K for Older homes and $550K for new builds and in Auckland this is $600/$650K respectively.
Welcome Home Loans:
– Can utilize the Kiwisaver and Homestart Grants for the deposit
– Provide lending for up to 90% of the property price (i.e. allows for only a 10% deposit)
– Available from the various bank and non-bank lenders
Pass this on to your friends or call me if you, or someone you know, needs help to access their Kiwisaver and available grants and lending options.
I can deal with most main banks (ASB, Westpac, BNZ, ANZ, TSB, SBS, and so on) and non-banks (numerous). It costs you nothing to use me.
Have an awesome week…..
Paul – Mortgage Advisor and Registered Financial Advisor
E: paul@khproperty.co.nz
M: 021 615907
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