First-home loan grants 22 Feb 2016

There are two grants when it comes to using your KiwiSaver for your first home purchase. The KiwiSaver HomeStart grant is administered by Housing NZ and the KiwiSaver first home withdrawal is administered by your KiwiSaver provider.

Housing NZ assess the financial situation of the borrower if the applicant has already owned a home in the past. If you have previously owned a home and wish to use your KiwiSaver, this is sometimes allowed and is determined on a case by case basis.  Housing New Zealand determine whether you are in the same financial position as a first home buyer, in terms of assets and income

It would be helpful to check what type of scheme you belong to, who your scheme provider is, how long you have been contributing to the scheme and how much you have been contributing. This will help with your application for a HomeStart grant and first-home withdrawal.

Your mortgage broker or home loan specialist can discuss this more with you and can offer advice on the likelihood of your HomeStart grant being accepted as a non first home buyer. There are certain criteria that make the decision black and white.