“We’ve found it, our new home!”
Whether the property is a cheap do up, your first home, has a wonderful view, or a product of grand design, the purchase of property will be one of the biggest purchases you will make in your lifetime.
As a first home buyer, let’s see how KiwiSaver may be able to assist you with your purchase.
KiwiSaver
If you have been contributing to KiwiSaver for over three years, you may be able to use some of your KiwiSaver funds for your first property purchase.
If you are eligible to use your KiwiSaver, you will need to complete the forms as soon as you have signed the Agreement for Sale and Purchase. These forms can be downloaded online from your KiwiSaver provider. Kiwisaver requires certain documents to be included with your application before it is considered. The forms will need to be signed in front of your lawyer, or a Justice of the Peace.
KiwiSaver has strict timeframes and conditions, and you must get on to this as soon as possible. You will also need to ensure that you have allowed enough time when signing the Agreement for Sale and Purchase for the KiwiSaver funds to be approved and received for settlement.
Another option is for you to obtain pre-approval from your KiwiSaver. This can be done online through your KiwiSaver provider.
Further information on KiwiSaver can be found at www.kiwisaver.govt.nz/new/benefits/home-withdrawal/
Another tip – don’t forget to ask your bank for a contribution to your legal fees.
Please chat with your lawyer when you are about to purchase a property. You are entitled to obtain legal advice before you sign the Agreement, and a member of our Team will be able to assist you.
Note: Katherine’s Blog is not a substitute for legal advice, please contact your lawyer