Question: Can I use the KiwiSaver first home withdrawal to buy a house in the name of a family trust?

Can I use my KiwiSaver to buy into my parents house?

What isn’t commonly known is that it’s possible to have a home owned by a trust, or partly owned by a trust, or a home owned in part shares by other people (parents, for example) and you can still use your KiwiSaver funds to contribute towards the purchase. …

Can I use KiwiSaver to buy a second house?

You can only make a KiwiSaver first home withdrawal once. If you’ve owned property before, you may qualify for a second chance home buyer withdrawal. … Investment properties do not qualify.

Can I withdraw my KiwiSaver to buy a house?

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home. … However at least $1,000 must remain in their KiwiSaver account. You must intend to live in the property. It cannot be used to buy an investment property.

Can I rent out my first home KiwiSaver?

Specifically, the KiwiSaver legislation says savers can take money out for a first home so long as “the member has not, at any time before applying to make a withdrawal under this clause (whether before or after becoming a member of the KiwiSaver scheme) held an estate in land (whether alone or as a joint tenant or …

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Can you use KiwiSaver to pay off debt?

Your KiwiSaver funds and bankruptcy

Your KiwiSaver funds are an asset. You may be able to use your KiwiSaver funds to pay off your debts if you become bankrupt. However in the case of a KiwiSaver scheme, the funds are protected from your creditors while they remain in the fund.

Can I withdraw my KiwiSaver when I turn 65?

You’re eligible to withdraw all your KiwiSaver funds when you reach the age of eligibility (currently 65). … keep your funds in KiwiSaver for the full 5 year term (and withdraw them after that).

Can I gift my KiwiSaver to someone else?

You can find out more by reading this blog post about using KiwiSaver to buy your first home or visiting the KiwiSaver website. Gifting: You can use a cash gift from your parents (or someone else) as part of your deposit.

How long does it take to withdraw KiwiSaver for first home?

It takes around ten working days to process a KiwiSaver first home withdrawal application. The money is usually paid to your solicitor who will forward to the vendor on settlement day.

How long do I have to live in my first home?

You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months.