Kiwisaver and Your First Home Purchase

Publications > Property Articles

Watch this space: OIO Consent process to be improved
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Assistance for OIO Process
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Have you received a letter from the Public Works Act acquisition
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Kiwisaver changes help home buyers get a foot in the door
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New Information Requirements When Buying or Selling Land
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Kiwisaver Updates – 1 April 2015
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New Lending Restrictions in Force 
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Selling a Unit in a Small Body Corporate
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Kiwisaver and Your First Home Purchase
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Your Legal Property Checklist
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Real Estate Agents and REINZ Memberships
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GST On Land Transactions: Compulsory Zero-Rating
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The Status Of Land Can Impact On Its Value
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Fortune Manning Advises Manson Developments on Sale of Tower
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Amendments To The Residential Tenancies Act 1986
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Property – Try Before You Buy
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The Changing Face of Real Estate Agreements
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Buying Real Estate off Plans? What to look for!
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Courses of Action Available to Tenant Where Landlord Refuses to Grant Renewal of Lease
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Residential Tenancies – What Landlords Need to Know
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Land Information Memorandum – A Useful Tool to the Residential Property Purchaser
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Open Home Theft
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Agent’s Duty to the Vendor Might Include and Obligation to Meet the Purchaser
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Driving Daisy Crazy – Shared Access Ways
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Buying Real Estate at Auction
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Tax Traps in Subdivisions

Kiwisaver and Your First Home Purchase

If you have been contributing to your KiwiSaver fund for 3 years or more you may have access to the KiwiSaver First Home Withdrawal.  We can assist you in preparing your Kiwisaver application.

KiwiSaver First Home Withdrawal

This involves making an application to your KiwiSaver provider to withdraw a portion of your savings to put towards the purchase of your first home.  Your KiwiSaver provider should be able to supply you with the necessary forms that set out their requirements.  Common questions include whether these funds can be applied towards a deposit, or as a repayment to the bank if they have lent you the deposit.  Generally not: your KiwiSaver provider will make the payment to your solicitor only after the purchase agreement has gone unconditional, and your solicitor must apply the funds directly in settlement of the purchase.
When submitting an offer on a property, take care to allow enough time between the expected unconditional date and the settlement date for processing of your KiwiSaver withdrawal application. This is 5 working days at a minimum.

Recommendations:

  • Check the requirements of your KiwiSaver provider before making an offer on the property;
  • Get the forms early, and read them through thoroughly;
  • Discuss your KiwiSaver provider’s requirements with us prior to submitting an offer, and we will be able to assist you in drafting an offer that fits these requirements.

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