Value of KiwiSaver first-home boost revealed

An Infometrics report prepared for the Financial Services Council looked at the immediate impacts of the savings scheme.

FSC chief executive Peter Neilson said it showed KiwiSaver was helping first-home buyers fulfil their home ownership dreams.

“The first home ownership deposit assistance is available once-only and it will continue to give people a chance to get onto the first rung of the property ladder at a time in their lives when it is often difficult to save money,” Neilson said.

“It has never been easy to save the deposit for your first home and it’s even harder today with first-home buyers having to pay five times their income for houses, whereas their parents’ generation only had to pay three times their income.”

KiwiSavers can withdraw their savings to use as a deposit on their first homes. A $5000 subsidy per person is also available.