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- Profile views: 720
- Group created: January 2010
- We want to own our own home
- Me, Myself, and I
- This bebo is for peeps that want to own their own home. Here we will try and provide you with all the info you need in building, borrowing and buying your home.
Kiwisaver is a great start! We will give you a $50 koha if you open your account with us. 3 Months after it is open the Government will give you a $1000 koha. Our Kiwisaver is called "Whakatupuranga" (Lifestages)
If you are working:
Your employer will pay an amount equal to 2% of your wages.
You will also can get over a $1000 a year in a tax credit.
You can get a first home deposit subsidy up to a maximum of $5,000 for five years.
To open a Whakatupuranga(Lifestages) Kiwisaver we need your IRD Number and either a copy of your birth certificate, drivers license or passport. If you are under 18 we need your parents approval.
We have partnered with SBS Bank.
Contact us if you want to open an account.
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0 Replies 160 weeks
Benefits of Kiwisaver for tamariki under 18 years of age.
1.SBS Bank will open your account with a $50 koha
2.After 3 months the Government will give you $1000
Benefits of Kiwisaver for over 18 years of age
1.$50 koha if this is your first Kiwisaver account
2.After 3 months government will give you $1000 grant
3.Contributions from your employer. This is equal to 2% of your pay
4.Tax credit of $1042.86 each year. Approx $20 per week
5.First home deposit subsidy up to a maximum of $5,000 for five years.
1.$1,000 kick-start payment
2.Member tax credit up to $1042.86 each year. This works out to about $20 a week.
4.To help you with a deposit for your first home, you may be able to withdraw some or all of your KiwiSaver savings (except for the $1,000 kick-start and member tax credit).
Rights of withdrawl of the $1000 KICK-START payment
1.Moving overseas permantly. You have had to be living overseas for over 12months before you can withdraw
2.In case of serious or terminal illness, or permanent disability affecting your ability to work.
3.Death goes to your estate
4.Turning 65 years of age
Further info on Kiwisaver
$1,000 kick-start payment
To get your savings off to a good start, the Government will kick-start your account with a tax-free contribution of $1,000.
All new KiwiSaver members qualify for the kick-start payment when they first join.
When a kick-start is paid
The kick-start will be paid into your account about 3 months after Inland Revenue receives:
your first contribution, or
notification of your membership.
The kick-start is not a cash payment - it goes straight into your account
Member tax credit
To help you save, the Government will match your contributions by up to $1,042.86 each year. This works out to about $20 a week.
Contributions from your employer
If you're eligible, your employer will also contribute to your KiwiSaver savings.
If you're a KiwiSaver member making contributions from your pay, your employer also has to put money in. This is equal to 2% of your pay.
Savings withdrawal to buy your first home
To help you with a deposit for your first home, you may be able to withdraw some or all of your KiwiSaver savings (except for the $1,000 kick-start and member tax credit).
Making a first-home withdrawal
You must have been contributing to KiwiSaver for at least three years. You can only withdraw money to buy your first home - not an investment property.
If you have owned a home before, in some circumstances you may still be eligible to withdraw your savings. Your scheme provider may require you to contact Housing New Zealand to determine if you're in the same financial position as a first home buyer.
How to apply for a first-home withdrawal
You'll need to apply to your KiwiSaver provider if you want to make a first home withdrawal
First home deposit subsidy
After 3 years of contributing to KiwiSaver, you may be entitled to a first home deposit subsidy. The subsidy is administered by Housing New Zealand.
What the deposit subsidy is worth
The first home deposit subsidy is $1,000 for each year you've been contributing to KiwiSaver, up to a maximum of $5,000 for five years.
If you're a couple buying a house together and you both qualify for a subsidy, you could receive a combined subsidy of up to $10,000.
Getting a deposit subsidy
To be eligible for the first home deposit subsidy, you must:
have contributed at least 2% of your income to a KiwiSaver scheme, or a complying superannuation scheme, for at least 3 years
be buying your first home*
be planning to live in the house for at least 6 months.
Get your money
You become eligible to withdraw your savings when you turn 65. However, in some cases you may be able to access all or part of your savings earlier.
You may be able to withdraw all or part of your savings early if you're buying your first home, emigrating or suffering financial hardship or
Why is Housing New Zealand working with Kiwibank?0 Replies 169 weeks
Building on multiple owned Maori land can be a long and complicated process. A partnership with Kiwibank enables Housing New Zealand and Kiwibank to test/pilot the processes to ensure they are meeting the customer's needs. The product may be extended to other lenders in the future.
Housing New Zealand is also partnering with a number of iwi around New Zealand to do larger developments on papakainga land. Kainga Whenua will make home ownership possible on that land.
How do people apply?
Information will be on Housing New Zealand's website - www.hnzc.co.nz. The first step for prospective borrowers will be to contact Kiwibank to see if they qualify and if so how much they can borrow.
What can I build/relocate with a Kainga Whenua loan?
Under a Kainga Whenua loan, the house needs to be:
1 built on wooden piles
2 one storey of at least 70 sq m
3 located on mainland North or South islands
4 have reasonable road access
What are the eligibility criteria for a Kainga Whenua loan?
To be eligible for a Kainga Whenua loan a borrower needs to meet all of the following requirements:
1. Earn up to $85,000 a year as a one or two income household. For three or more joint borrowers, the household can earn up to $120,000
2. Meet Kiwibank and Kainga Whenua lending criteria
3. Provide satisfactory proof of income to Kiwibank
4. Live (or intend to live) fulltime in the house
5. Be a first home buyer, or if you are not, be in a similar financial position as a typical first home buyer in terms of assets and income
6. Have a licence to occupy the land you wish to build on
7. The land needs to be Maori land that can't be mortgaged, and either owned by four or more beneficial owners or have the land ownership vested in trustees of a trust or incorporation, created under the Te Ture Whenua Maori Act 1993
8. Have a good credit history that is acceptable to Kiwibank
Are the any exceptions to the criteria?
There may be. For instance, properties could be built with concrete floors where alternative security is offered or the lending cap of $200,000 could be increased in special circumstances to allow for larger families.
People should call Housing New Zealand if they want to discuss this further.
How long will it take to get a Kainga Whenua loan?
While getting a loan is usually a simple process, there are complexities involved in securing a licence to occupy multiple-owned Maori land, which can make the process longer.
There will be support along the way from Housing New Zealand and the Maori Land Court.
SBS’ commitment to the Welcome Home Loan programme saw us help more Kiwis into their first property under the scheme than any other provider during the past year.2 Replies 174 weeks
Of the 863 Welcome Home Loans administered in the past 12 months, SBS organised 44 per cent of them. What’s more, latest figures show our building society accounted for a staggering 69 per cent of all new loans in January.
We’ve been proud to be one of the scheme’s leading lights since the very beginning – which is little surprise, really, given our building society was founded on helping everyday New Zealanders realise
their dreams. We’ll also be hoping to help even more new home-owners on to the property ladder in the Queenstown region, working closely with the Queenstown Lakes Community Housing Trust to achieve
affordable housing in the region.
Housing New Zealand introduced the Welcome Home Loan – which requires little or no down payment – to improve access to home ownership for those who can afford the mortgage repayments but struggle to save for the deposit. If you’d like to know more about SBS’ Welcome Home Loan, call into one of our branches