Guide to Kiwisaver and Kainga Ora
First Home schemes
What's available to me?
There are a number of government schemes available to First Home Buyers (or those in a similar position as a first home buyer). Most of these are administered by Kainga Ora and your friendly My Mortgage advisers have access to all of them!
Each scheme is slightly different and some can be used in conjunction with each other so it’s important to chat to your mortgage adviser to make sure you are taking advantage of what’s available to you.
The criteria varies across each scheme so we've outlined the schemes below along with the criteria for each.
Kiwisaver
Kiwisaver is a voluntary savings scheme that the New Zealand Government setup to help people save for retirement. One of the exceptions to withdrawing Kiwisaver early is to put towards your first home purchase.
First Home Loan
Most lenders require a 20% deposit, but with the ‘First Home Loan’ scheme you can apply for a loan with as little as 5% deposit. This is reserved especially for First Home Buyers who meet certain criteria
So...What do I qualify for?
Each Kainga Ora First Home scheme is slightly different and targets those with different needs - It's important to understand what you qualify for and its always worth double checking with your adviser as the rules can sometimes be a little overwhelming! Here's a brief summary of criteria for withdrawing Kiwisaver for your first home and each Kainga Ora First Home scheme below...
Kiwisaver
You may be eligible if you...
Are 18 Years old or Over
Are a 'First Home Buyer' who has not owned property before*
Have not withdrawn your Kiwisaver before
Intend to live in the home you will purchase
First Home Loan
You may be eligible if you...
Are 18 Years old or Over
Are a 'First Home Buyer' who has not owned property before*
Have been in your field of employment for 12 or more months
Intend to live in the home you will purchase
Earn less than $95K as an individual or $150K for two or more buyers
*There is an option for Second Chance First Home buyers, if you have owned property before but you are in the same position as a first home buyer in that you have less than 20% of the value of the property you would like to buy in realisable assets (cash, shares, investments, boats/caravans, vehicles not used as your normal form of transport, etc)
