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  1. #1

    Default First home in NZ using KiwiSaver

    My understanding is you have to have had kiwisaver up and running for 3 years. I have been unwell so have not worked for the last 2 years but started kiwi saver 3 years ago.

    I have $60k in Aussie super (maybe more). I can transfer this to kiwisaver.

    Can I then use this to buy a first home?

    I am considering though waiting for the cyclical nature of OZ/NZ currency for NZD to go back down to 75c and once Key is out of Government a correction in certain NZ property markets.

    But just hypothetically does anyone know?

  2. #2
    Join Date
    May 2004
    Posts
    2,777

    Default

    There are 2 aspects and they have different rules. One is withdrawing your own money except the $1000 kickstart.

    http://www.hnzc.co.nz/buying-a-house...ome-withdrawal

    The other is the Homestart grant which is free money but with lots of rules.

    http://www.hnzc.co.nz/buying-a-house...omestart-grant

    I don't know about your $60,000. Best to ask your Kiwisaver provider.

  3. #3
    Join Date
    Oct 2013
    Posts
    1,617

    Default

    The fact that you have not been working is irrelevant to your Kiwisaver withdrawal. You need to have been a member for at least three years.

    Last time I looked into it (about a year ago) it was a very clear no on the Aussie Super transfers being withdrawn for a first home. I would imagine this is still the case. This is one of the reasons it took so long for NZ providers to be 'ready' to accept Aussie super money, because they needed systems to track this.

    I'd also advise against trying to predict the future. While there is certainly going to be a market correction at some point, there is no way of knowing when, and there's a strong possibility the market rise will continue in the interim and prices will never be their current level again.

    As for currency fluctuations, who is to say we'll ever sit at 0.75 AUD again?

  4. #4
    Join Date
    Jun 2004
    Posts
    10,367

    Default

    I believe you can't access the Aussie portion.
    This is part of the rules to be able to bring it across.

  5. #5
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
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    1,799

    Default

    Quote Originally Posted by motoman View Post
    My understanding is you have to have had kiwisaver up and running for 3 years. I have been unwell so have not worked for the last 2 years but started kiwi saver 3 years ago.

    I have $60k in Aussie super (maybe more). I can transfer this to kiwisaver.

    Can I then use this to buy a first home?

    I am considering though waiting for the cyclical nature of OZ/NZ currency for NZD to go back down to 75c and once Key is out of Government a correction in certain NZ property markets.

    But just hypothetically does anyone know?
    With an attitude like that and considering the large amount of Aussie super why not go back there and buy?

  6. #6

    Default

    Im actually considering that, but im a noob, please see my post about wanting to invest in NZ for when I return.

    Does seem a bit strange kiwi saver wouldnt encourage kiwis to bring their money and lives home.

  7. #7
    Join Date
    Oct 2013
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    1,617

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    Quote Originally Posted by Meehole View Post
    With an attitude like that and considering the large amount of Aussie super why not go back there and buy?
    Aussie super doesn't allow first home withdrawals. That money is locked for retirement, as was intended.

  8. #8
    Join Date
    Oct 2013
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    Quote Originally Posted by motoman View Post
    Does seem a bit strange kiwi saver wouldnt encourage kiwis to bring their money and lives home.
    They do, by allowing you to bring it home with you.

    The NZ government has no authority to let you use funds stored for retirement under an AUS government programme.

  9. #9
    Join Date
    Jan 2010
    Location
    Hibiscus Coast
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    Quote Originally Posted by Anthonyacat View Post
    Aussie super doesn't allow first home withdrawals. That money is locked for retirement, as was intended.
    There are ways around that. My rellies became self funded and used their super to buy a property which is supposed to be an investment, not lived in and only rented out. It has increased in value and it is used mainly as a holiday let.

  10. #10
    Join Date
    Jun 2004
    Posts
    10,367

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    Quote Originally Posted by motoman View Post
    Does seem a bit strange kiwi saver wouldnt encourage kiwis to bring their money and lives home.
    Apologies for not expanding in my post that it is the Aussie rules not Kiwisaver rules that don't allow you to use your Aussie money for a 1st home.


 

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