First home dreams come true

While home ownership felt out of reach for Taranaki couple Nick and Vanessa Clancy, it was made possible with KiwiSaver first home withdrawal.

When Nick, Vanessa and their three-year old son Alex moved into their three bedroom home on the outskirts of New Plymouth just two months ago, it felt liked they’d achieved an impossible dream.

“Without the help of KiwiSaver, we would never have managed to achieve this goal,” says Vanessa who joined KiwiSaver 10 years ago, hoping it would help her to get into her first home.

When she met her Nick who later became her husband, he didn’t have KiwiSaver. It took a switch of employers before he joined up.

“We decided to start the ball rolling by putting aside savings for our future, hoping we would one day be able to buy our own home.

“Three years later, we were both eligible to use our KiwiSaver money for a deposit on a home! We were excited to say the least,” says Vanessa.

Nick and Vanessa contributed 3% while their employers also contributed 3%. Additionally they both benefited from the $1,000 kickstart and member tax credits.

Apart from needing to maintain a $1,000 minimum balance in each account, KiwiSaver’s first home withdrawal enabled the couple to withdraw all of their savings for their house deposit.

“Hard work, extra savings and the KiwiSaver amounts we had, got us into the property market.

“Without KiwiSaver we wouldn’t be in this position. It’s definitely worth it,” say Vanessa.

While Nick and Vanessa’s attention has now turned to paying off their mortgage and enjoying their new home, they’ll also keep contributing to KiwiSaver knowing that they’re taking the steps they need to get ready for retirement.

Vanessa Clancy