Have a look at how the new Kiwisaver Homestart Grant can change things for you completely...The new homestart grant comes into effect on 1st April and has the fol major changes:
- Increase to price caps; eg in Chch its $450,000
- You can now pull out more kiwisaver than before to increase your deposit:
- If you are buying a new house (off the plans or you intend to build) then you get DOUBLE what you used to with the subsidy. So if you and your partner both qualify you could get $20,000 PLUS your own kiwisaver funds AND the annual member tax credit.
A couple who each earn $50,000 and have been contributing to kiwisaver for 5 yrs. They want to buy a house off the plans or build up to $450,000 in Chch.
Using a 3% rate they will be able to withdraw a total of $32,585 (excludes impact of investment returns) made up as fols
Employee contrib $7,500 per person = $15,000
Employer contrib $6,188 per person = $12,376
Member tax credit per person $2,605 = $5,210 (this is new)
Total = $32,586
PLUS Kiwisaver homestart grant = $20,000 (this is double)
giving them deposit of $52,500 for their new home smileysmileysmiley!
So - in short if you are excited by this and want to know if you may be able to take advantage of the changes that happen on 1st April, then contact me to make an appointment. 03 319 5482 or 027 503 1080 Lets see if we can get you into your first home.
Please send this to anyone you know who is looking to buy their own home. Id love to help them too.
Have a fantastic day!
Mortgage Advisor, Registered Financial Adviser, BAL, Nat Cert Financial Service (Financial Advice)