KiwiSaver helps many first-home buyers, but a significant number end up returning the funds. Inland Revenue data reveals that in September alone, 108 buyers returned $4.4 million in KiwiSaver withdrawals, while 3430 successfully accessed funds. Mortgage adviser Jeremy Andrews explains that KiwiSaver withdrawals can take up to 15 days, and buyers often need this money for deposits once a sale becomes unconditional.
KiwiSaver funds are usually sent directly to the buyer’s lawyer to pay deposits or settlements. However, if a sale falls through due to issues beyond the buyer’s control, the money is returned to KiwiSaver. If a buyer causes the sale to collapse, they may lose their deposit. Rupert Carlyon of Kōura notes this issue can arise, particularly with delayed new builds, and could grow if developer challenges increase. Kernel’s Catherine Emerson adds that returned funds are uncommon, with only two instances this year.
Key Mortgages shares details with Good Returns how expanded low-deposit lending options may help eligible first home buyers enter the market sooner and with better pricing
As featured in Stuff, buying property with friends or family can improve affordability, but clear agreements and proper structure are essential.
Banks and Mortgages advisers discuss with New Zealand Herald, why home loan approvals may take longer as lenders apply more detailed affordability checks and tighter financial assessments.
In our recent discussion with Radio New Zealand, we shared that age alone doesn't prevent home loan approval, but lenders carefully assess retirement income and long-term repayment plans.
Key Mortgages has been committed to supporting clients for nearly a decade, offering ongoing advice and tailored solutions without extra fees, even as industry changes occur.
Jeremy from Key Mortgages shares experiences of fixing in high rates long term and using break fee benefit calculator. One couple’s complaint over costly break fees after fixing five-year mortgage at 6.29%–6.66% rejected.
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