Can you use your KiwiSaver to buy a house?

Can you use your KiwiSaver to buy a house?

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home. However at least $1,000 must remain in their KiwiSaver account. You must intend to live in the property. It cannot be used to buy an investment property.

How long do you have to live in your house if you use KiwiSaver?

six months
After purchasing, you must live in the home for at least six months, as you may not use your KiwiSaver money for an investment property. There are some circumstances in which you may use your KiwiSaver money if you have previously owned a home, and our advisers will be able to guide you through this process.

Can I withdraw my KiwiSaver for second home?

You can only make a KiwiSaver first home withdrawal once. If you’ve owned property before, you may qualify for a second chance home buyer withdrawal. You may also qualify for a HomeStart grant. Investment properties do not qualify.

Can I use KiwiSaver for home renovations?

KiwiSaver funds are only available to first-home buyers or those who are buying land to build a first home. If you’re building new and use KiwiSaver to help you buy your section, you then cannot tap into it again for construction costs. You cannot use your KiwiSaver savings to buy an investment property.

Can KiwiSaver be used to pay off debt?

Your KiwiSaver funds and bankruptcy You may be able to use your KiwiSaver funds to pay off your debts if you become bankrupt. However in the case of a KiwiSaver scheme, the funds are protected from your creditors while they remain in the fund.

How long does KiwiSaver withdrawal take?

How long will the withdrawal process take? Full withdrawals will take around 2-3 weeks to process taking into account making a final Government contribution claim. Partial withdrawals not requiring a Government contribution claim should take around a week to process.

Can you use KiwiSaver to pay off mortgage?

KiwiSaver members who are experiencing financial hardship may be eligible to make a withdrawal from their KiwiSaver accounts to meet the mortgage repayments on their home. However, the criteria for financial hardship withdrawals are strict and government contributions cannot be withdrawn under this provision.

Can I get money out of my KiwiSaver?

You may be eligible to withdraw KiwiSaver funds early if you are experiencing financial hardship. To withdraw funds you will need to provide evidence you are suffering significant financial hardship. If your application is accepted you can only withdraw your and your employer’s contributions.

How much KiwiSaver can I withdraw?

$1000
How much can I withdraw? You can withdraw any contributions you and your employer have made, along with the Government contributions (and any investment returns on these amounts), as long as you leave a minimum of $1000 in your KiwiSaver account.

Can I use my KiwiSaver to pay off debt?

Your KiwiSaver funds and bankruptcy Your KiwiSaver funds are an asset. You may be able to use your KiwiSaver funds to pay off your debts if you become bankrupt. However in the case of a KiwiSaver scheme, the funds are protected from your creditors while they remain in the fund.