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A KiwiSaver First Home Deposit Subsidy can help you buy your own new home and add to your deposit.
Do you need a little more savings for your first new home loan with a low deposit?
If you have been contributing to KiwiSaver for 3 years you may now be eligible for a first home deposit subsidy.
Well the KiwiSaver deposit subsidy may assist as it is $1000-00 per year for each year you have been saving up to a maximum of 5 years or $5,000-00. If you and your partner qualify for a subsidy this can be a combined subsidy of $10,000-00!
The Key Points to qualify for a KiwiSaver First Home Deposit Subsidy:
- You must have been contributing 2% of your income to a KiwiSaver scheme or a complying superannuation scheme for at least 3 years.
- You are buying your first home, with the intention of living in it for at least 6 months.
There will be income and price limitations that apply.
In some circumstances you may be eligible even if you’ve owned a home before.
It is important though to be aware that if you are also considering withdrawing funds from your KiwiSaver account this may impact on your long term savings plan. This must be discussed by you with your Investment Adviser as KiwiSaver is an Investment product and the Financial Advisers and staff of First Rate Mortgages Ltd are not able to provide advice on Investments.
So if you are looking to increase your deposit, to help you buy your own new home, and think that you may be eligible for a First Home Deposit Subsidy, it costs nothing to ask!
Contact us for more information
or Freephone Allan on 0800 178 728
NOTE: This website is operated by First Rate Mortgages Limited and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. First Rate Mortgages Limited is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here.