Kiwisaver withdrawals and First Home Grants
The KiwiSaver first home withdrawal and First Home Grants are two completely separate processes. However, if you are eligible, the combination of the two can jump-start the process of buying your first home.
The KiwiSaver first home withdrawal allows for early withdrawal of your KiwiSaver savings in order to assist with the purchase of your first home. There are however, limitations and eligibility criteria to consider. These include:
Provided you meet these criteria, you will be able to withdraw from your KiwiSaver either a specific amount or all of your savings (excluding the initial $1,000.00 Government grant you received when opening your KiwiSaver).
In addition to the KiwiSaver first home withdrawal, you may also be able to apply for the First Home Grant. This is a grant of funds from the Government of between $3,000.00 and $10,000.00, depending on the type of your purchase and your circumstances. Again, there are limitations and eligibility criteria. These include:
Assuming you are eligible, you would be entitled to the following grant amounts:
The application process for both these schemes is simple. You must complete the required forms supplied by your chosen provider accompanied with supporting documentation such as certified ID and proof of address. Your provider will supply you with a full list of the required documentation. Note applications can take up to 15 working days to process. Your lawyer will be familiar with the process and can assist you with the applications.