KiwiSaver First Home Withdrawal – More Flexible Than You May Think
KiwiSaver First Home Withdrawal
By now, most first home buyers are aware that they can use a portion of their KiwiSaver balance to contribute towards the equity in their house purchase through the Kiwisaver first-home withdrawal scheme.
What isn’t commonly known is that it’s possible to have a home owned by a trust, or partly owned by a trust, or a home owned in part shares by other people (parents, for example) and you can still use your KiwiSaver funds to contribute towards the purchase.
This flexibility comes with certain conditions, the usual one being that the person using their KiwiSaver must use the property as their primary place of residence.
If you want to buy your first home using a trust as your ownership structure, or want an ownership structure that allows you to be flexible with parents or other sources of cash which contribute towards the equity position, it’s well worth talking with us and your KiwiSaver provider to see if this will work for you.
We have plenty of information available for first home buyers and our first home buyer specialists can help you with all aspects of the purchase. If you’d like to learn how parents can help their kids get into their first home, read our blog post on family support for first home buying.
This article is taken from issue 24 of PropertySpeaking, the quarterly e-newsletter of the NZ Law group of law firms of which HomeLegal is a member. To talk further about Kiwisaver withdrawals, or for any of your conveyancing needs, please do not hesitate to call HomeLegal or contact us online.