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Thread: Kiwi saver for home loan deposit

  1. #1
    Member Splash's Avatar
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    Question Kiwi saver for home loan deposit

    I am in a unique position where in my employment contract I am Required to live in the house provided at my place of work, but I would like to buy my own home one day and was thinking along the lines of buying a weekend batch is there a way around not living full time in the house brought using KiwiSaver as the deposit.
    TIKKA 595 7mm08 for the deer 12 gauge for everything else!

  2. #2
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    First home buyers shoe in doing it.

  3. #3
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    Don't declare it as a weekend batch would be one way...

    It's not hard mate you will be fine, just say you have all intentions to live in it for a minimum of 6 months

    If you are relying on your KiwiSaver best to get some legal advice on it before bidding at auction, not to much of an issue if you are just putting in offers as you will be able to get out of it if KiwiSaver falls through

  4. #4
    SiB
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    Use an experienced mortgage broker. They cost you nothing and save a lot of the leg work getting the best rate etc

    You definitely want to get into the 'property ladder' but do it right. Banks are quite humourless if you dick them around....

    Good luck!!!

    Remember if you're buying even a holiday house, the critical question to ask is "will this resell easily?" Only the truly wealthy can afford to buy because they like it. My 2c worth.
    stingray likes this.

  5. #5
    Gold member Pointer's Avatar
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    The minimum is 6 months occupancy. And yes, they have been known to check as of late

  6. #6
    Member 199p's Avatar
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    I would try hold off and not use your kiwisaver, main reasoning is because what you save in there now will be worth a lot more later on ( providing it doesn't fall over eg zombie's etc) That extra 20k now will be 200k after 50 years ( just an example )

    I didn't pull out mine and i get to see rapid returns compaired to a few friends who pulled out there to purchase there homes.
    A330driver likes this.
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  7. #7
    Member Timmay's Avatar
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    You can't buy (atleast not with WHL') away from where you live and work.
    Don't bother with brokers visit a number of banks, you will end up with a better deal yourself (IE indirectly you pay more using a broker)

  8. #8
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    Quote Originally Posted by Timmay View Post
    You can't buy (atleast not with WHL') away from where you live and work.
    Don't bother with brokers visit a number of banks, you will end up with a better deal yourself (IE indirectly you pay more using a broker)
    Using Kiwisaver for a home purchase is different to the WHL (Welcome Home Loan).
    Kiwisaver forms part (or all) of your deposit - Welcome Home Loan is a type of loan (for 1st home buyers with less than 20% deposit)
    If your buying a home to live in you need 10% deposit minimum, if you buy a holiday home 20% minimum deposit and a rental property 40% deposit (you can get 20% loan through a 2nd tier lender for an investment property)

    Banks do not offer better deals direct versus through brokers, 40% of banks home loans are done through brokers and they do not under cut interest rates that brokers get if you deal direct.

  9. #9
    Member 199p's Avatar
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    Quote Originally Posted by huntahr View Post
    Using Kiwisaver for a home purchase is different to the WHL (Welcome Home Loan).
    Kiwisaver forms part (or all) of your deposit - Welcome Home Loan is a type of loan (for 1st home buyers with less than 20% deposit)
    If your buying a home to live in you need 10% deposit minimum, if you buy a holiday home 20% minimum deposit and a rental property 40% deposit (you can get 20% loan through a 2nd tier lender for an investment property)

    Banks do not offer better deals direct versus through brokers, 40% of banks home loans are done through brokers and they do not under cut interest rates that brokers get if you deal direct.
    Not that i doute what your saying but i had a much better rate going through bank then broker when i purchased my house.

    I think it comes down to many factors but my rate was way lower then what was advertised at the time and lower then what the broker could provide.

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  10. #10
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    Quote Originally Posted by 199p View Post
    Not that i doute what your saying but i had a much better rate going through bank then broker when i purchased my house.

    I think it comes down to many factors but my rate was way lower then what was advertised at the time and lower then what the broker could provide.

    Sent from my SM-G935F using Tapatalk
    Was the rate you got and the rate the broker got for you with the same bank?

  11. #11
    Member stingray's Avatar
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    I tried talking to banks with a reasonable deposit , got jerked around no end ..perhaps I'm to easy going and not blunt enough ..end of the day, a broker sorted it with no stress or frustration...strangely he got it in one day ..it took them a least a week to reply to my application.

    Best advice I can offer is go for fortnightly repayments rather than monthly as you will save quite a bit interest over the term of the loan and if you can put a bit more on your repayments at the start it helps a lot more in the end.
    A330driver likes this.
    Nil durum volenti !!

  12. #12
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    Well mate,kiwisaver is supposed to be an investment in your retirement.I have never used it for anything else(which you can).Many stastistics show we don't have enough saved for those years,by not touching any of that money,it has started to snowball.I would strongly suggest leaving it at that,there is proof that it works,.....but there are even risks to that.Close to rolling dice some would say!!
    It's not the mountain we conquer,but ourselves.....Sir Edmund Hillary

  13. #13
    Member Maca49's Avatar
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    I made more money out of buying and selling houses than Kiwi Saver, but would recommend you have a Kiwi! Don't save for retirement at the expensive of having a good life. But getting a house is a great way to make money if you buy the right one and can add value, of course the ability to build them as a private citizen, as I did,has mostly been taken away, which is a great pity. Good luck,
    Boom, cough,cough,cough

  14. #14
    Member 199p's Avatar
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    Quote Originally Posted by huntahr View Post
    Was the rate you got and the rate the broker got for you with the same bank?
    Unsure sorry mate when he came back and said his best rate was .40% more then i had negotiated with the bank i didnt worry about going any further with him.

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  15. #15
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    Quote Originally Posted by 199p View Post
    Unsure sorry mate when he came back and said his best rate was .40% more then i had negotiated with the bank i didnt worry about going any further with him.

    Sent from my SM-G935F using Tapatalk
    Assume you went to your bank and your broker went to the others?? Brokers take nothing from you direct. The bank pays them for the business. The bank (certainly the broker unit I work in at the bank) has a matrix it offers the brokers for client rates. No point taking business off third party people like brokers as they have the bet spread wide and if you chop them down in branch you loose it in the long run. Plus. If. You use a broker you will sign a disengagement letter and any and all deals done direct with bank no longer stand. Also rates can change day to day.
    The use of a broker means you tell your story once and they take you to the bank that fits what you are after

    Just some help. I think the using of KS has been covered well.

    Hamish

    Sent from my F8331 using Tapatalk
    199p likes this.
    Hamish
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