There are still people unsure and unaware about how to use their KiwiSaver™ fund for home ownership. This is an area in which we can assist and invite your calls to do so.

We work with borrowers of all ages. Some may be about to embark on their first home purchase and need to access KiwiSaver™ funds to assist in their home ownership application. Others may be existing or previous home owners who have experienced a broken relationship and now want to re-enter the home ownership market individually. In certain circumstances, these borrowers are able to access their KiwiSaver™ funds under the Second Chance option available.

Like many government initiatives, there have been changes to KiwiSaver™. Being aware of these changes allows you to take advantage when it is relevant to you. Here are the latest tweaks to what we believe is a fundamentally solid retirement programme with great benefits for the ‘here and now’.

• Anyone who is employed between the age of 18 and 65 and is earning a regular income should be a member. Forget that the Government no longer give members a $1,000 kick-start contribution at the time of joining. Don’t be discouraged – there are still so many benefits!
• Currently 3% of your pay goes in as automatic compulsory saving. You can – and should – look to top this up when circumstances allow.
• Your employer contributes 3% to your fund. This is a 100% return on your investment.
• Each year the Government contributes a lump sum of $521.43 to your fund as a member tax credit, providing you contribute a minimum of $1,042.86 annually to qualify.

On top of this, your Fund Manager should be rewarding you with a return on your investment as well.

Where else can you receive in excess of a 100% return on your investment? What a fantastic way for first home buyers to save a deposit for their house.

As a first home buyer (or in some cases – a second chance buyer) you can access all of your personal and employer contributions, except the initial $1,000 Government kick-start contribution, as your deposit funds for a house purchase. In addition, you may be entitled to a Housing New Zealand Grant to a maximum of $5,000 (or if building a maximum $10,000).

To find out more about how to make your KiwiSaver work for you, please contact us.