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  1. #1

    Default Withdrawing funds from Kiwisaver for house deposit

    My partner & I are looking at buying our first house soon and we would like to use some of the funds I have sitting in my KiwiSaver account to increase our deposit to a more respectable state. We'd be using the funds withdrawal option, as we're not eligible for the subsidy.

    After reading all the information we can from HNZ and my Kiwisaver provider, AMP, I think we have it all sorted except for one point:

    I confirm the property I am purchasing is intended to be my principal place of residence.

    The house we want to buy is outside of Auckland (where we live) and the plan is to move there in the next 6-12 months. So we intend for it to be our principal place of residence, just not immediately.

    Does anyone have any experience/information/advice about how this is enforced? Is there a time limit to when you need to be in the property for it to be your "principal place of residence"?

    Any help or insight appreciated!
    Susan


 

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