Kiwisaver for 2nd home

Question from Justin updated on 15th July 2019:

I bought my first home without using my Kiwisaver as I did not qualify due to not contributing to it long enough. I am only four years into servicing the mortgage. I would like to buy land and build my second home. How can I do it without putting in deposit and also use my Kiwisaver this time? I intend to sell my current home only after I moved into my second home.

Our expert Kris Pedersen responded:

Unfortunately, you are likely to have missed out here. Kiwisaver is for your first home purchase and not generally when you own another property. If you sold your existing property you may have some luck at getting your Kiwisaver out to get back into the market but not at present with you already owning one.

Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies.

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