Provided you meet the eligibility criteria, did you know that you can use your Kiwisaver funds to pay the deposit to the vendor when you purchase a property? In order for the funds to be received on time, it is vital that you notify your solicitor of your intention to withdraw your Kiwisaver funds immediately upon signing an Agreement for Sale & Purchase. Most Kiwisaver providers require 2-3 weeks to process the application so you will also need to keep this in mind when noting the deposit due date on the Agreement for Sale & Purchase.

In addition to your Kiwisaver withdrawal, you may also be eligible for the Housing New Zealand HomeStart Grant. These funds are only paid on settlement, and cannot not be paid after settlement. You can apply for a pre-approval online to find out if you are eligible. If your pre-approval is required before your bank confirms your finance, you must apply at least 2 weeks before your finance due date. Another 2 weeks is then required to process the application and pay out the funds before settlement. Therefore making the total application time 4 weeks.

For more information on the HomeStart grant click here for the housing New Zealand website.

Feel free to contact Sarah Ratcliffe on 07 444 4091 to discuss your Kiwisaver and/or HomeStart Grant requirements.