First home buyers

Our Registered Financial Advisers specialise in helping people into their first homes. They have extensive experience with the Kiwisaver process. The recent changes in the KiwiSaver withdrawals and grants, may mean you’re first home is closer than you think!

Here we provide a brief guide to using your Kiwisaver to help fund the deposit for your first home.

There are a lot of things to consider, and no doubt you’ll have a lot of questions.

Call Pete (027 249 6764) or Vickie (027 230 6091) for a chat to see how you can put your Kiwisaver to work for you—their service is free!


Kiwisaver first home savings withdrawal

If you are a first home buyer and have been a member of Kiwisaver for a minimum of three years you will be able to withdraw:

  • your savings
  • employer contributions
  • all returns (interest, including tax credits)

You cannot withdraw the Government “Kickstart” contribution of $1,000. It is excluded from the first home savings withdrawal.

Your Kiwisaver provider (or complying fund manager) administers the withdrawal. Once they approve your withdrawal, they pay the funds to your solicitor on, or before, settlement day.

To apply contact your Kiwisaver (or qualifying scheme) provider.

There are some restrictions. For more information, and help with your application contact our advisers

If you have previously owned a home but do not currently own a home (or share in property) you may still be eligible – contact our advisers for details.


HomeStart Grant

If you have belonged to Kiwisaver and regularly contributed for at least three years, you can also apply for the HomeStart Grant.

The grant differs depending on whether you are purchasing an existing home or building new:

Contributed for Existing home New build
3 years $3,000 $6,000
4 years $4,000 $8,000
5 years+ $5,000 $10,000

How it works

  • You can receive the subsidy only once
  • Your solicitor receives payment on settlement day
  • You need to submit an application to Housing New Zealand for the HomeStart Grant at least four weeks before settlement date
  • It must be paid out prior to settlement.

Maximum purchase prices apply

  • Auckland: $550,000
  • Wellington region: $450,000
  • Wairarapa: $350,000

Please check with our advisers for further information if you are interested in purchasing outside the above areas.

Income thresholds

To be eligible for a HomeStart Grant your combined income for the last 12 months must have been:

  • Single purchaser: less than $80,000 before tax
  • Two (or more): less than $120,000 before tax


Welcome Home Loan

Selected lenders offer the Welcome Home Loan, which is underwritten by Housing New Zealand. It is designed to assist first home buyers who can afford to make regular repayments on a home loan, but who have trouble saving a large deposit.

With a Welcome Home Loan you need a 10% deposit, rather than the usual 20% required by most lenders.

Loan limits apply

The maximum amount you can borrow depends on the region in which you are purchasing. The house price caps are:

  • Auckland: $550,000
  • Wellington region: $450,000
  • Wairarapa: $350,000

Please check with our advisers for further information if you are interested in purchasing outside the above areas.

Income thresholds

To be eligible for a Welcome Home Loan your combined income for the last 12 months must have been:

  • Single purchaser: less than $80,000 before tax
  • Two (or more): less than $120,000 before tax

Lenders

Only certain lenders offer the Welcome Home Loan, and each has their own lending criteria. Our advisers can provide details of providers and their specific requirements.

Self-employed

If you’re self-employed, you’ll know how difficult it can be getting a loan. Our advisers work closely with a variety of lenders, and can find a solution that works for you.

Adverse credit history

You may think you’ll never own your own home, due to a bad credit history. Our advisers can tailor home loan options to suit. Call today and start turning your credit history around.

Investment properties

If you’re in the investment market, or looking to see the value in this, our brokers can assist you to analyse, or review, the value of your existing portfolio, or your first investment. They have a wealth of experience in this area, both on a personal and professional basis.

  • Is property investment good for you?
  • Can property investment help diversify your risk?
  • What are the bank rules around this?

Commercial properties

This is a specialist area and funding is dependent on a number of factors.

  • Is the purchase for an owner-occupied property?
  • Is the purchase for investment purposes?
  • What is the time frame for return?
  • What is the property’s current NBC percentage?

Our brokers can assist with these questions. We can help you package a commercial property purchase in a way that is acceptable to the bank.

We maintain excellent working relationships with key commercial managers in the majority of the main banks. Our connections with non-bank lenders may also assist with initial property purchases, pending leases being finalised for example.

Review your current home loan

Circumstances change. It’s a good idea to review your home loan every few years to ensure your loan structure best suits your current needs. A review of your home loan could end up saving you money – or mean you can pay off your loan faster, saving thousands of dollars in interest.