Surge of first-home buyers turn to KiwiSaver to help finance first homes

  • KiwiSaver is helping more first-home buyers into the property market, new data shows.

ANZ, the country’s biggest KiwiSaver provider, said the number of withdrawals for a first home had increased 188 per cent over the past three years, as KiwiSaver balances increased.

In the year to March 2016, a total of $148 million was withdrawn from ANZ’s KiwiSaver accounts to buy property. That is up from $62m the year before.

The average first-home withdrawal was $18,361.

READ MORE: NZ house prices to drop in real terms from 2018 as ‘borrow and spend’ cycle burns out – Westpac

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WAVEBREAK MEDIA
KiwiSaver is a big part of many first-home buyers’ plans.

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