Using Kiwisaver, Homestart and Welcome Home Loan options for your First Home Purchase……..heres a summary on how..

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 utilise 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 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

M: 021 615907