Buying guide
Using KiwiSaver to buy your first home: how it works
Saving a deposit can be hard for first home buyers. Luckily, KiwiSaver and other schemes can help you out.
Last updated: 27 May 2024
AI summary
Navigating your first home purchase is easier with key support schemes. The KiwiSaver First Home Withdrawal allows eligible members of at least three years to use their savings for a deposit, provided they intend to live in the property and leave a $1,000 balance.
Additionally, the First Home Loan, underwritten by Kāinga Ora, can help you secure a property with as little as a 5% deposit. This loan is subject to income caps and regional house price limits.
In this article you’ll learn:
1. KiwiSaver First Home Withdrawals
Using KiwiSaver can make the maths on buying your first home a little less scary.
Your KiwiSaver manager will help you apply for your withdrawal.
2. The First Home Loan scheme
You'll need to check the eligibility criteria if you're going to apply for the First Home Loan.
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