Kiwi Saver













What is KiwiSaver?

KiwiSaver is a voluntary work-based savings initiative that makes it easier for you to save for your future. KiwiSaver makes it easier to save because money is put into a KiwiSaver scheme from your weekly, fortnightly or monthly pay.

Once you join KiwiSaver your savings are locked-in until you reach the age of eligibility for New Zealand Superannuation (currently 65), or for five years for people who join after age 60.

KiwiSaver offers a number of benefits including:

  • An annual tax credit to your KiwiSaver account of up to $10 per week (approximately $520 per annum). Conditions apply
  • Compulsory contributions from your employer

You can choose to contribute 3%, 4% or 8% of your gross (before tax) salary or wages to KiwiSaver and in most cases your employer must contribute a minimum of 3% of your gross salary or wages to KiwiSaver. Please note that the Government proposed to increase the minimum employee and minimum compulsory employer contribution rate from 2% to 3% from 1 April 2013.

Who can join?

You can join KiwiSaver if you’re:

  • Under the age of eligibility for New Zealand Superannuation (currently 65),
  • A New Zealand citizen, or entitled to live in New Zealand indefinitely, and
  • Living or normally living in New Zealand.

Enrolment in KiwiSaver will be automatic for all those starting a new job (with some exceptions), although employees automatically enrolled will have the chance to opt out (within a specified timeframe). Other people can choose to opt in to KiwiSaver but can’t then opt out.

KiwiSaver Explained

KiwiSaver allows you to save on a regular basis and helps you better prepare for your retirement in a way that a regular savings account can't.

AMP have been providing retirement savings solutions and advice to New Zealanders since 1854. The AMP KiwiSaver Scheme is designed to make KiwiSaver simple while making the most of the many benefits KiwiSaver has to offer.

The AMP KiwiSaver Scheme is a Government appointed default KiwiSaver scheme. It was chosen after a rigorous selection process and is monitored by the Financial Markets Authority. It offers a range of funds that aim to help you save for your retirement.

KiwiSaver Benefits

KiwiSaver currently offers a number of benefits* including:

an annual Member Tax Credit contribution of 50 cents for every dollar you save, up to a maximum of $521.43 (if eligible)
compulsory contributions from your employer (if eligible)
help with buying a first home.

* Not all KiwiSaver members will be entitled to receive these benefits and these benefits will change from time to time.

Your employer and Government contributions work with your own contributions to boost your savings. That's why KiwiSaver may be more effective than a regular savings plan in helping you meet your retirement savings goals.

Call us to discuss your KiwiSaver options and we will be pleased to assist.

Using Kiwisaver for your Home Loan

Are you purchasing your first home and have Kiwisaver? Here is what you need to know to use Kiwisaver.

If you're a Kiwisaver contributor, getting the deposit for your home loan can be a lot easier.

Kiwisaver helps you buy your first home.

For those in the Kiwisaver scheme there are 2 ways it can help you. There is the Kiwisaver First-Home Withdrawal and KiwiSaverHomestart Grant.

  1. KiwiSaver First-Home Withdrawal

To be able to use your Kiwisaver to help purchase your first home, you must be a member & contributing towards it for a minimum of 3 years. You will be able to withdraw all your savings except for the $1,000 that the Government provided to kick start your savings scheme (please note that the government no longer offers the $1000 kick start for any new members who joined after 2pm on May 21st, 2015). Other key points to note are:

  • The house you purchase must be owner occupied. 
  • You cannot use it to purchase an investment property. ​​

       2. Using a KiwiSaverHomeStart Grant

You are eligible for the KiwiSaverHomeStart Grant if you have been contributing the minimum amount to Kiwisaver for 3yrs, and you meet the following criteria:

  • be 18yrs or over
  • be purchasing or building your first home
  • must have a household income of less than $80,000 per year (for one person) or less than $120,000 per year (for two or more people)
  • have a minimum of 10% deposit (including the grant)
  • must live in the house for a minimum of 6 months

Individuals can get up to $5,000 ($1000 for each year of being a member of Kiwisaver) who are buying an older or existing home. Couples can get up to $10,000. For those building a new home, individuals can receive up to $10,000 and couples can get as much as $20,000.

Contact us now to discuss our assistance in working with KiwiSaver.

We offer you a free, no-obligation consultation where we can answer all your questions and offer valuable advice. This could be your best way to get the deposit you need to attain your home loan.

Interested in exploring how to use your KiwiSaver to contribute towards your first home?

Then schedule in a free, no obligations consultation with one of our friendly mortgage advisers. We’ll answer any of your questions and help you determine if you’re eligible for the Kiwisaver Homestart grant or KiwiSaver first-home withdrawal.

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