KiwiSaver Second Chance

I recently saw a couple who wanted to purchase a house using both of their KiwiSavers for the deposit. The problem is he had previously owned part of a property purchased with family and therefore is not a first-time buyer. This means he is ineligible to withdraw his KiwiSaver funds or get the Government Home Start grant.

However, a previous home owner may still be eligible for a Home Start Grant if you haven’t received one previously and you are in the same financial position as a first home buyer.

The general eligibility criteria are

• No longer own a property

• You qualify under the standard KiwiSaver Home Start grant eligibility criteria, apart from having owned a previous property.

• You don’t have realisable assets totalling more $80,000 to $120,000 depending on location.

• Realisable assets are money in the bank, shares, a boat, caravan or additional vehicles.

An application needs to be made to Housing New Zealand, if granted will issue you a determination letter which you give to your KiwiSaver provider to get access to your KiwiSaver funds.

The good news is that my client was approved and is now on the hunt for a property!

If you require help please contact me.