KiwiSaver & KiwiSaver HomeStart Grant
KiwiSaver & KiwiSaver HomeStart grant are the saving schemes designed by the Government of NewZealand to help the needy people who are all set to achieve their dream of buying their own home.
KiwiSaver
KiwiSaver is a savings scheme with a range of membership benefits. This includes regular contributions from the member, employer, returns on investments and annual member tax credits (Government Contribution).
If you are purchasing your first home and you are a member of KiwiSaver for more than 3years, you can use this money as part of a deposit on your first home.
On getting the eligibility, you may be able to withdraw some or all of your KiwiSaver funds excluding $1,000 government kickstart contribution.
KiwiSaver HomeStart Grant
Looking for an extra help? Then consider KiwiSaver HomeStart grant.
If you have been contributing to KiwiSaver for 3years, after 3years you will be eligible to KiwiSaver HomeStart grant.
- If you are purchasing an existing home, the grant you will be eligible for, is between $3000 - $5000
- If you are purchasing a land or a new home, the grant you will be eligible for, is up to a maximum of $10,000 for 5 years for each member.
- If you fit into the KiwiSaver’s criteria you could also be eligible for additional grants,
- $10,000 for the purchase of an existing property
- $20,000 for the purchase of a new property
Eligibility for KiwiSaver HomeStart Grant
You should match the following criteria (norms) to be eligible for a KiwiSaver HomeStart grant,
- Have been contributing the required minimum amount to KiwiSaver for at least three years
- Be 18 years of age or over
- Be purchasing or building your first home
- Have a household income (before tax) of less than $80,000 per year (for one person), or less than $120,000 per year (for two or more people)
- Have a deposit that is 10% or more of the purchase price, including the addition of the grant
- Must live in the house for at least 6 months following settlement or completion of the property
Higher the deposit, lesser the loan amount!! Saving a big deposit is always an advantage in getting on to the property ladder. Along with KiwiSaver & KiwiSaver HomeStart grant, there are other additional initiatives designed to boost your deposit size.
Contact us for more information.