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A lot of people with KiwiSaver want to know how in New Zealand they can buy their first house. KiwiSaver has been an attractive government initiative to encourage Kiwis to save. Many people in New Zealand are on KiwiSaver


Benefits of KiwiSaver

There are many benefits of KiwiSaver. It can help people to improve their savings. Usually your employer will be contributing an extra 3% of your pay towards your KiwiSaver. This means you can build up some money to buy your first house or for your retirement. There is some qualifying criteria.


Buying a first house

Generally your KiwiSaver can be used towards your downpayment or deposit on your home. There are some rules around this, but this is how many people are buying their first house. If there is enough money in your KiwiSaver, that’s helpful. If more money is needed, you might need to contribute some additional money such as from your savings or a gift from family – it depends.


How much KiwiSaver is needed?

Talk to a friendly financial adviser who understands KiwiSaver and the process to buy a first house, to understand how much KiwiSaver is needed. This can depend on different matters, such as the price of the house you want to buy. Generally you need at least a 10% deposit, and having a greater deposit can often be preferable. So if your house that you want to buy costs $600,000 , you might need at least $60,000 to meet at least 10%.  There are many factors around it, such as if the income you have is low, you might need a greater deposit, and so on. Or certain types of properties can require a greater deposit. There are also other reasons.


Where to get more information? This article was written by Arthur of Just Mortgages ( and can be reached on 021 158 3156 for more information.