The KiwiSaver First Home Withdrawal Scheme is a huge help for first home buyers looking to enter the property market in New Zealand.
If you have been a contributing member of KiwiSaver for at least three years, have not owned a house or land before and have not made a KiwiSaver withdrawal before, you may be eligible to withdraw your KiwiSaver money to buy your first home.
You can withdraw:
• all voluntary and compulsory contributions from your employer,
• your own contributions, and
• tax credits
However, a minimum of $1,000 is required to be left in the account.
In some circumstances, you may qualify for a previous homeowner withdrawal through Kainga Ora if you have owned a house before, but no longer own any property and you’re in a similar financial position as a “first home buyer”.
We recommend that you contact your individual KiwiSaver provider and check their individual policy on withdrawals for first homes.By Fiona Taylor, Smith & partners, email fiona.taylor@smithpartners.co.nz, phone 09 837 6845.