Case studies

Published: 15 May 2016

Sione and Louise

Sione and Louise

Sione and Louise rent a Housing New Zealand house in Timaru with their son Sam. Louise works full-time and Sione works part-time. They’ve both been KiwiSaver members for three years.

They have contacted Housing New Zealand to enquire about purchasing the house they rent and the good news is that the house is available for sale for $216,000.

With a combined income of $53,000 they are eligible for FirstHome.

To have the 20% deposit required by the bank they will need $43,200.

The FirstHome grant gives them $20,000, which is the maximum amount available. By adding their KiwiSaver HomeStart grants ($6,000) and KiwiSaver first-home withdrawals ($12,600), plus some of their personal savings ($4,600), they are able to raise the remaining $23,200 required to reach the deposit to buy the house from Housing New Zealand.

 

Purchase Price $216,000
Bank loan $172,800
Personal Savings $4,600
KiwiSaver first-home withdrawal $12,600
HomeStart grant $6,000
FirstHome Grant $20,000
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