What's my first step?Show more
The first thing you should do is find out what your current KiwiSaver account balance is. This is easy – just ask your KiwiSaver provider for an estimate letter to confirm your eligibility and the approximate amount you have squirrelled away. If you’re a member of the AMP KiwiSaver Scheme we can do this for you.
You might need to provide a KiwiSaver eligibility letter when you apply for your home loan pre-approval, so its best to be prepared and ready to go.
How long does it take to get my KiwiSaver savings?Show more
A first home withdrawal at AMP usually takes around 8 to 15 days to process. The money is paid to your solicitor – it won’t go to you.
Timing is everything here, so make sure you allow plenty of time and work backwards from settlement date to ensure all your ducks are in a row.
Is there a cost to withdraw my KiwiSaver savings?Show more
You won’t incur any fees when you make a first home withdrawal from the AMP KiwiSaver Scheme. If you’re not with AMP, you should check whether withdrawal fees apply.
Also, with the first home withdrawal process there is an element of the conveyancing work that your lawyer can help you with. Conveyancing is the process that involves legally transferring home ownership from the person selling the house to you the buyer. You should confirm with your lawyer whether their costs for assisting you with a KiwiSaver first home withdrawal are included in their overall conveyancing costs.
What happens if I buy at auction?Show more
If the home you have your eye on is being sold at auction, you are likely to need an immediate deposit of 10% up on a winning bid. This means you’ll probably have to pay the deposit yourself and then use your KiwiSaver first home withdrawal towards settlement.
What if I want to buy land?Show more
If you want to buy a section, you can use your KiwiSaver savings towards the purchase of that land. You'll need to apply to withdraw your KiwiSaver savings before you buy (just like any other property).
Keep in mind that you can only use your KiwiSaver savings to purchase the land and can’t put it towards the cost of building your house.
I missed out on a home, what’s next?Show more
If the sale doesn’t quite go through, don’t worry, you don’t lose your KiwiSaver savings. Your solicitor will return your funds back into your KiwiSaver account.
The AMP KiwiSaver Scheme is currently helping over 230,000 New Zealanders save for their future. It’s easy to join or switch to the AMP KiwiSaver Scheme too - in fact it only takes a couple of minutes. All you need is your IRD number and your New Zealand driver licence or New Zealand passport. Before you do this you should consider whether switching to the AMP KiwiSaver Scheme is right for you and talk to your Adviser if you are unsure.
Our five-minute financial fitness check is a quick and easy way to see if your finances are in shape. It will also give you some handy hints around saving for that first home deposit.
Important informationShow more
The content on the First Home Hub is for information only. The information is of a general nature and does not constitute personalised advice. To the extent that any of the above content constitutes financial advice, it is class advice only. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
A disclosure statement is also available from your Adviser, on request and free of charge.
Links to third party websites contained in the First Home Hub do not constitute an endorsement or signify a partnership of any type. AMP does not accept any liability for the accuracy or content of information on this website belonging to third parties, nor for the accuracy or content of any third party website that you may access via a hyperlink from this site.