First Home Withdrawals

Withdrawing your KiwiSaver when you purchase your first home

After you have been a member of KiwiSaver for three years, you may be able to withdraw your KiwiSaver balance (less $1,000 and any Australian Superannuation transfers), ($1,000 must remain in your account), towards the purchase of your first home.  These funds are paid to your lawyer towards the house purchase price, and can be to purchase and existing house, or land to build a house on that you are going to live in.

You may also be eligible for a first home grant.  

This will depend on a number of factors including:
1. How long you have been contributing to KiwiSaver (of at least the minimum allowable percentage of your total income).  If you are a non-earner, there are specific rules about hoe much you must contribute, based on the minimum adult wage for a 40 hour week.
2. What your income is when you purchase your first home
3. What the value of your house is (this depends on the location of the house you are purchasing.)
4. You have to be aged 18 or over.
This grant provides $1,000 a year for each year that an eligible person has been a contributing member of KiwiSaver, to a maximum of $5,000.  From 1st April 2015 these subsidies will double to $2,000 a year with a maximum of $10,000 if you are building a first home.
Some previous house buyers may also be eligible to withdraw their funds and for the first home grant.  Housing New Zealand determine the eligibility of previous home owners for both the grant and whether they can withdraw their KiwiSaver funds.  In addition to the above criteria,  a previous house owner cannot have realisable assets totalling more than 20% of the house price cap for the area that they are buying in.
You may also be able to use a Welcome Home Loan to assist you with purchasing your home.
For more information, make sure you are familiar with the rules, which are outlined at Housing New Zealand.  Click here to go to the Housing New Zealand page.

Why bother with company visits when you are investing?

In 1987 I was fortunate enough to have the opportunity of working for a huge American Fund Manager, Fidelity Securities in their Australian Office.  It has set the ground for my understanding ofRead more

Spending one bitcoin = 330,000 credit card transactions

Bitcoin (based on Blockchain) and other crypto-currencies have the potential to change the world, but at present are still most useful as a speculative investment tool.  However, to created aRead more

Money Mules and Money Laundering

As a financial adviser, we have responsibilities under the Anti-Money Laundering/Countering of Financing Terrorism legislation.  You will see this when we require proof of ID, residential address aRead more

Our new look

The Moneyworks logo has been in lower case since 2005, and was green and orange from 2005 - 2015.  From 2015 we changed the logo up, adding the circular logo and swapping green for brown. With the Read more

Some comments on those 'wholesale investor only' property syndicates advertised in NZ.

It has been difficult to get investment returns from 'income' investments, with term deposit rates being so low (and virtually no returns on ordinary bank accounts.  Although interest rates areRead more

Corporate Controversies that Defined 2021

ISS ESG is the acronym (or brand) for Institutional Shareholder Services and its ESG (Environmental, Social and Governance) arm. ISS a large international company that provides services toRead more

More changes for landlords - under the Privacy Act

Owning a residential investment property is a common way to growing your wealth in New Zealand.  However, over the last few years the obligations on landlords have increased significantly, withRead more

Do you really need $809,000 to retire on?

Every two years Massey University carries out an analysis of how much people need to have invested/saved to be able to retire.  The guidelines are based on various assumptions, and as usual, it isRead more

Climate Laggards and Leaders - the poor performance of listed companies

In our big Ethical Investment Analysis project we have found that it is difficult to get information on Carbon emissions from our fund managers that are in a consistent format.  This is a good exampRead more

Sustainable investing, Climate Change and Sea Level Rise

Climate change threatens 1.1 meter sea level rise before 2100 unless climate change is tackled. Analysis by the International Panel on Climate Change (IPCC) makes the prediction in its ‘Special RepRead more

Flood risks and insurance being withdrawn

Fire & General insurance (or house, contents, car, boat insurance) is different to life insurance cover.  Life insurance (trauma, income protection etc), are a contract that you enter into and itRead more

Insuring your e-bike

Well, I did it. Having heard from my clients about how much they loved their e-bikes I bit the bullet and purchased my commuter e-bike.  The plan is to use it to commute to my lectures in HamiltonRead more
 

This product has been added to your cart

CHECKOUT