You’re looking to buy your first home, but you aren’t quite sure of the specifics of drawing down on your KiwiSaver. Here are the basics of what you need to know, including some useful links for further reading.
On May 8, New Zealand’s Reserve Bank cut the Official Cash Rate (OCR) to a record low, from 1.75 to 1.5 per cent. This could help you save thousands in interest repayments if you already have a home loan or you’re planning to buy property soon.
If you’ve owned a property for a few years, there’s a good chance that you’ve amassed useable equity. This can be used to fund the purchase of an investment property or bach, to renovate your current home, and much more.