KiwiSaver helping people into their first homes
December 10, 2012 at 2:15 PM
The fact that both low and high income earners are withdrawing from their KiwiSavers to put towards a deposit for their first home, particularly in Auckland, is often the difference between getting into a home now, and not getting into a home.
Auckland Mortgage Broker Christine Lockie told National Radio that the increase of people using their KiwiSavers to help fund the purchase of their first home is evidence of the Auckland market heating up.
"Interestingly many people tell me they are less than impressed by the returns they get from KiwiSaver and they believe that buying a house will give them a better return in the long run."
National Radio reported that more than 5000 people applied to use their KiwiSaver money as a deposit since 2007, with more than a thousand applying in the first three months of this year.
Listen to Christine Lockie on National Radio: