In New Zealand, the idea of owning a house is now an ambitious plan rather than an expectation. Skyrocketing house prices across the country are making it harder and harder to save for that initial deposit. Increasingly, the dream seems out of the average person’s reach.
Fortunately – depending on which KiwiSaver fund you’re signed up for – you may be eligible to withdraw everything except $1,000 and put towards your deposit. Understandably, this is extremely helpful for many Kiwis as they work towards buying their first home. Without any prior experience, however, it can be hard to find out exactly how to make it happen.
- The house must be in New Zealand
- You must intend to live in the house yourself
- It must be your first time withdrawing from KiwiSaver for this reason
If you’ve been contributing to a KiwiSaver scheme for at least three years, you might be eligible for a KiwiSaver HomeStart Grant of up to $10,000. To find out more about this, or whether withdrawing funds to put towards your first home could be a good option for you, contact a One50 advisor today for a free consultation.