Who Can Use KiwiSaver?

Who can use 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.

Eligible members can withdraw their KiwiSaver savings (including tax credits).

However at least $1,000 must remain in their KiwiSaver account..

Can I join KiwiSaver if I am on a work visa?

You cannot join KiwiSaver if you have a temporary, visitor, work or student visa. There are different ways to join KiwiSaver. Depending on your situation you can enrol directly with a scheme provider. If you’re under 18, there are different rules.

Can I use my KiwiSaver as a deposit?

From 1 June 2015, a change to KiwiSaver first home purchase withdrawal rules means you can withdraw KiwiSaver funds to put towards your first home deposit or use at settlement. Find your dream home, sign a conditional sale and purchase agreement, and you could use some of your KiwiSaver savings for the deposit.

Can I use my KiwiSaver to buy a car?

Q. Can you apply to withdraw your KiwiSaver savings for a holiday or to purchase a boat or a car? A. No, unfortunately a withdrawal can’t be made for these reasons.

How much money do you need for a house deposit NZ?

Calculate how much you’ll need for a deposit If you are a first home buyer looking to purchase an existing home, in most instances you will be required to have a deposit that is 20% of the home’s value. This means that for a home worth $500,000, you will likely need a deposit of $100,000.

Can you combine KiwiSaver?

Yes, you can combine your KiwiSaver savings with one or more members if you are looking to purchase a single dwelling together. However, no matter how many eligible buyers there are, KiwiSaver has allocated maximum values of grants that are payable towards single dwellings.

Is Kiwi Saver compulsory?

KiwiSaver is not compulsory for people starting a new job, but they will have to opt out rather than opt in if they don’t want to join.

How much do employers contribute to KiwiSaver?

How much your employer must contribute to your KiwiSaver account. Your employer must contribute at least 3% of your gross earnings on top of your regular pay unless: they’re already paying into another eligible scheme for you. you’re under 18 or over the age of eligibility.

Can I use my KiwiSaver to pay off debt?

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.

Can I buy a house with my KiwiSaver?

Yes, you can use your KiwiSaver to purchase a section / land without a house. There are no restrictions on when a house must be built. You can also use your KiwiSaver towards a house and land package. If you already own land, or are being gifted land, you cannot use your KiwiSaver to fund the cost of the build.

How long do you have to live in a house with KiwiSaver?

six monthsAfter 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.

Who is not eligible for KiwiSaver?

Only individuals who are New Zealand citizens or entitled to live in New Zealand indefinitely are eligible to join KiwiSaver. You can’t join KiwiSaver if you have a temporary, visitor, work or student visa. Employers are required to sign up eligible new employees over the age of 18.