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.