In New Zealand, using KiwiSaver funds to invest in your partner's property requires being a first-time homebuyer, meeting contribution criteria, and applying for a mortgage. Seek professional guidance due to evolving rules and potential property ownership implications.
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“My partner owns a property, which is their first home. Currently, the house title is in their name. I would like to buy the property. Can I use my KiwiSaver to buy into the property? Would we need to fill out a new mortgage application? “
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Using your KiwiSaver funds to buy into your partner’s property may be possible in New Zealand, but several conditions must be met. First, you typically need to be a first-time homebuyer to use your KiwiSaver savings, which includes not having previously owned property. You’ll also need to meet specific contribution requirements. To access your KiwiSaver funds for a property purchase, you generally need to apply for a mortgage with a bank or lender, and the KiwiSaver funds can be used as part of your deposit or for other related costs.
It’s essential to understand the eligibility criteria and contribution requirements to use your KiwiSaver for buying a home, as these rules can change over time. Additionally, consider seeking legal and financial advice to navigate the process effectively, especially if there are implications for the property’s ownership, such as adding your name to the title. The process can vary depending on your circumstances, so consulting with professionals is crucial to ensure you follow the correct procedures.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
