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Legal tips on buying or building your first home

May 29, 2018

The prospect of buying your first home is a big deal.  The first home is always a dream that all couples work for it to come true. But don’t  let that dream become a nightmare. Get the best advice by getting a helpful property lawyer who can explain the process and assist you along the way.

Here are a few useful tips, before you go on the road to your 1st dream house:

  1. Take your lawyer’s advice before signing the agreement, otherwise it might be too late to check or amend.

Make sure you never sign an agreement without first having seen your lawyer.  Your lawyer will ensure that all the specific terms and conditions are in the agreement and will work in your best interest. Getting an advice in time will be handy, before you go for the final deal and sign the papers.

 

  2. First home withdrawal – accessing your KiwiSaver money

When you are working towards the first deposit, every dollar counts. Did you know that you are eligible for a first home withdrawal if you satisfy the following conditons:

  • must be buying the house in New Zealand;

  • are buying your first home;

  • have been a KiwiSaver member for at least three years;

  • have not made a withdrawal from your KiwiSaver account for the purchase of a home before;

  • intend to live in the property (for at least 6 to 12 months).

 

  3. Explaining the process to apply for Kiwisaver First home withdrawal:

Once you have found your dream home, let us (The Lawyers) know that you want to use funds from your KiwiSaver account to help with the purchase. It is important to note that the amount you take out of KiwiSaver is not paid to you, but to your Lawyer’s trust account. 

 

 

There are two types of Kiwisaver withdrawal:

  • Kiwisaver withdrawal for Deposit payments; (before the agreement for sale and purchase is unconditional but must be refunded to your KiwiSaver Account if the sale does not proceed).  

  • Kiwisaver withdrawal for settlement (withdrawal to make payments as part of the purchase price).

 

So what’s stopping you? Take an appointment from one of our property lawyers, before you go ahead for making the purchase of your dream home.

 

Contact Us.

 

 

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Legal Associates

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Level 1, Papatoetoe, Auckland 2025

Tel: 09 279 9439 | Fax: 09 279 9419

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