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First-home buyers sign today and want KiwiSaver tomorrow.
KiwiSaver is not a bank transfer.
You need a signed agreement, a witnessed statutory declaration, your lawyer to send in the paperwork... then you need to wait 10–15 working days after submission.
However, not all services are built equal...
From our experience, one KiwiSaver provider ranks dead last (on another planet), and some are consistently better than others.
Scroll to the bottom to check out our power rankings.
If wording or timing is wrong, first-home buyers can lose the deal. Sellers are entitled to cancel the agreement if a deposit is not paid within a certain timeframe:
1. immediately for auctions.
2. within three working days for standard agreements.
What first-home buyers assume:
Reality:
KiwiSaver is regulated and paperwork heavy.
How to guide first-home buyers:
Have first-home buyers email their provider:
Use our example template email here: How do I withdraw my KiwiSaver?
Savings first is cleaner.
If not possible, use special legal wording so lawyers can hold funds to settlement.
Initial Deposit Amount
$[amount] is payable to [agent trust account] when this agreement becomes unconditional.
The balance of the 10 % deposit is payable as set out below.
KiwiSaver Deposit Wording
Following payment of the Initial Deposit, the balance of the 10% deposit will be paid within one working day of the Purchaser’s KiwiSaver funds clearing into the Purchaser’s solicitor’s trust account.
The full deposit is to be held in the Vendor’s solicitor’s trust account until settlement or until settlement undertakings are provided.
Once dated:
Expect:
Our fixed fee includes completing the KiwiSaver form and witnessing the declaration with first-home buyers.
*The above summary is not financial advice, however if your client is with a provider under our Slowest category, they may want to consider switching funds (to ensure a speedy withdrawal) before their home buying journey.
They can then switch again once complete.
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