KiwiSaver has been an amazingly successful government-led savings scheme that has helped many New Zealanders save money for their first home or retirement. It is a good idea to learn more about KiwiSaver as there are certain ways to try get more money from KiwiSaver. This is more than just simply adding more money in your KiwiSaver, you can actually adjust and tinker with investment settings around it to help you get more money. Also, certain scheme providers have historically performed better than others.
- Help you use your KiwiSaver to buy a house
- Teach you how you might be able to get more money from KiwiSaver
- Set you up with better tools and resources to manage your Kiwisaver
- Generally discuss KiwiSaver with you
You should consider having KiwiSaver discussed with a professional financial adviser. They can generally explain to you how it works and go through possible scheme options and risk profile matters.
How to use your KiwiSaver to buy a house?
Subject to criteria, you can use almost all the money in your KiwiSaver to buy your first home. This means that your KiwiSaver could be most or all of your downpayment towards buying a house. Many Kiwis are therefore using their KiwiSaver money to buy a home.
You can contact us for more information on this. Our mortgage broker and financial adviser will discuss with you in greater detail how much KiwiSaver might be needed to buy a particular type of house.
If your KiwiSaver is enough, that could be great. If not, you might need to save for a few more months or add some additional savings, or ask the family for a gift.
We can help you through this process.
What about government grants?
If your income is under a certain amount every year, and subject to meeting criteria, you might be able to get additional money from the government’s First Home Grant (previously called the HomeStart Grant). This can help you by having up to $20,000 per couple or $10,000 per individual, toward buying a house.
This is a ‘gift’ from the government and not money you have to pay back. It is extra money that can be counted towards your deposit.
If you’d like to know more about KiwiSaver, and also learn more about interesting schemes and other providers in existence, contact us. We work with a number of different KiwiSaver providers who professionally manage your money and seek to maximise or better manage your investment.