HERE'S THE SCENARIO:
A couple aged 30 have been in KiwiSaver for 5 years, contributing 4% with a joint income of $130k, which makes them eligible for the KiwiSaver HomeStart grant.
With a new build, and a price cap of $650,000 the couple can access their KiwiSaver savings which would total $45,600 (assuming no returns on your investment) including employer contributions, over the 5 years.
When building or purchasing a new home (or land), the KiwiSaver HomeStart grant offers $2,000 per year of membership for each member (up to a maximum of $10,000 per member), giving the couple in this scenario an additional $20,000 total towards their deposit.
If you'd like to chat about your personal situation and how we can help get you there, contact us to get in touch with a mortgage adviser.