Things you might not know about your KiwiSaver - making the most of your government contribution
Are you a KiwiSaver member or thinking about joining? If so, there are a few things you might not know about KiwiSaver that could help you make the most of it.
Did you know that if you contribute $1,042.86 to your KiwiSaver annually, then you’re eligible for a government contribution of $521.43 a year? That’s basically free money, and not just according to #girlmath.
To reach this contribution, you need to be allocating just over $20/week to your Kiwisaver, this is especially worth noting if you are self-employed, unemployed for part of the year, or have not had automatic contributions set up for the whole year leading up to the cut-off date - June 30th.
If you’re unsure whether or not you’re on track to reach the full $1,042.86 then reach out to your KiwiSaver provider to assess your contributions to date and consider upping your contributions or making a lump sum payment to take advantage of the full government contribution.
A lot of people also don’t know that if you're a first-time home buyer, you might be eligible to use your KiwiSaver funds towards your deposit. Plus, there's a HomeStart grant available for eligible KiwiSaver members, which could give you up to $5,000 towards your first home (if it’s an existing house), and up to $10,000 if you’re buying land and building.
Remember, KiwiSaver is a long-term investment, so it's important to be sure you're making the most of it. If you're a first-time home buyer and want help to understand your options for using your KiwiSaver funds towards your deposit and applying for the HomeStart grant, get in touch!