Eligibility & Process explained

By Scott Crocker

The first time you buy a home is a big financial decision, and KiwiSaver can help. KiwiSaver's first-home withdrawal scheme helps first-time home buyers get into a home by letting them withdraw money from their accounts to put towards a deposit.

The KiwiSaver scheme offers a first-home withdrawal program that can help first-time buyers achieve their dream of homeownership.

1. KiwiSaver's first-home withdrawal program allows first-time homebuyers to withdraw funds from their accounts to put towards a deposit.

2. Eligibility criteria include being a member of KiwiSaver for at least three years, purchasing your first home, and intending to live in the property for at least six months.

3. The maximum amount that can be withdrawn is your total KiwiSaver savings (excluding any government contributions and any amount transferred from an Australian complying superannuation fund) and the amount required for the purchase of the property.

In conclusion, the KiwiSaver first-home withdrawal program is a valuable resource for first-time buyers looking to purchase their own homes. By meeting the eligibility criteria and following the process for withdrawing funds from your KiwiSaver account, you can make the most of this opportunity and take one step closer to achieving your dream of homeownership.