How Kiwisaver Homestart Can Help You Buy a Home
If you wish to buy your first home, KiwiSaver homestart could be a great way to get started. It is a scheme that provides financial assistance to help you buy your first home, and it’s been designed to make it easier for people to purchase their own property. In this post, we’ll take a closer look at this scheme and see how it can help you buy your dream home!
What is this scheme?
If you’re not already familiar with KiwiSaver, it’s a government-sponsored retirement savings scheme that requires participants to make regular contributions. These contributions are then invested, and the returns are used to help fund your retirement. It is designed to help first-time homebuyers get onto the property ladder by providing financial assistance.
Limit of financial assistance
It provides financial assistance of up to $20,000 (or $50,000 if you’re buying with a partner). Homestart grant can go towards your deposit or the property’s purchase price. This means that you’ll need less money saved up to buy your first home, making it more achievable for many people. In addition, the scheme also offers other benefits such as preferential interest rates and no fees on your KiwiSaver account.
Eligibility
Three years contribution
To be eligible for this, you must have been contributing to KiwiSaver for at least three years. Additionally, the property you’re looking to purchase must be within certain price limits – typically, no more than $650,000 in Auckland and $550,000 in all other regions of New Zealand.
Membership for a year
It is available to anyone who has been a member of KiwiSaver for at least 12 months and has contributed at least $1,000. If you’re buying your first home with someone else, both of you need to be eligible for the scheme.
The great thing about the KiwiSaver home start is that it can help you get your foot on the property ladder. So if you want to buy your first home but don’t have a lot of money saved up for a deposit, this scheme could be perfect for you. It’s also worth noting that the scheme is not just for first-home buyers; if you’re looking to buy an investment property, this scheme can also help you with that!
If you think you might be eligible for KiwiSaver home start, it’s worth doing some research and talking to your financial advisor to see if this could be a good option for you. It could make buying your first home that much easier!
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