Kiwisaver

• Budgeting
• Insurance
• Debt Reduction
• Savings
• Before You Invest
• Investments
  • Asset Classes
  • Cash And Fixed Interest
  • Residential Property
  • Shares
  • Kiwisaver
  • Unit Trusts
  • Super Funds
  • Small Business
  • Other Investments
• Retirement Planning
• Estate Planning

Calculators

• KiwiSaver Account Calculator for Employees
• Residential Property Investment Calculator

Useful Resources

• KiwiSaver Tools and Information
• Follow the Secrets to Wealth
• Get the newsletter direct to your inbox each month
• Independent life insurance information

• Why you should invest in KiwiSaver
• What do you need to do?
• KiwiSaver account calculator
• KiwiSaver account calculator - For the self employed / Not in the workforce
• Which KiwiSaver investment should I choose?
• KiwiSaver investor tools and information
• KiwiSaver first home deposit
• Some final KiwiSaver notes

KiwiSaver First Home Deposit

The benefits of KiwiSaver keep coming.

Be in KiwiSaver for a few years and other tax payers will help you into your first home. Sounds too good to be true? Now that depends on your expectations. First up, it is for your own private residence and not the beginning of your rental empire.

There are two parts to this option.

Savings Withdrawal to Buy Your First Home

After three years KiwiSaver service, and if you are in a complying fund, you can withdraw the contributions that you and your employer have made. Government contributions such as the member tax credit and the $1,000 kick start are excluded.

First Home Deposit Subsidy

In addition, the tax payers will give you another $1,000 for each year you have been contributing to KiwiSaver up to a maximum of $5,000. For a couple, this can be $10,000. The catch here is that again it is after three years membership but you also needed to have contributed a minimum of 2% of your income.

Who is eligible?

This is designed to assist first home buyers into their first home. However, it does recognise that financial circumstances change. For example, you may qualify for the deposit subsidy after a separation if you are in the “same financial position” as a first home buyer.

The deposit subsidy is administered by Housing New Zealand. Together with a Welcome Home Loan you could be in your own home next year.