KiwiSaver is one of the most important tools for saving towards a first home. In a recent conversation with Fresh Moni host Willie Leota, Booster CEO Di Papadopoulos discussed financial confidence, first home ownership and the role KiwiSaver can play in helping people achieve their long-term goals.
For generations, talking about money has been off-limits in many families. Fresh Moni is helping to change that - and around 95% of their first-home buyer community uses KiwiSaver to purchase their first home.
That's more than a stat. Willie suggests when communities have access to the right conversations and the right tools, real outcomes can follow. For Booster, as a default KiwiSaver provider, that's exactly the kind of mahi we want to get behind. Financial confidence shouldn't depend on what you grew up around.
Willie's number one piece of advice for anyone feeling overwhelmed by money is simple: have a kōrero. A financial adviser, a mortgage adviser, or even a friend who's been through the home-buying journey.
As Willie put it, "I wish you'd talked to me three months ago, because then we'd already be three months into your home ownership plan."
With the right income, a saved deposit, and a clear plan, Willie believes home ownership is genuinely within reach for most people. And as he reminded us, it's not really about the house. It's about the security, stability and sense of place it brings to a family.
Willie highlighted the importance of developing regular savings habits. Whether you're putting away $20 or $200, consistently setting money aside can help build confidence and make saving part of your routine. If you're eligible for employer contributions and not contributing to KiwiSaver, you could be missing out on additional contributions from your employer.**
KiwiSaver is New Zealand's government-initiated retirement savings scheme. You contribute from your pay, your employer adds at least 3.5%, and the government contributes up to $260.72 each year (employer and government contribution eligibility criteria apply).**
Thinking about purchasing your first home? Congratulations! You might be able to use your KiwiSaver savings as your first home deposit. Buying your first home could be easier than you think. Depending on your situation, you might be able to use your Kiwisaver savings for a first home withdrawal. Bear in mind that you must meet certain conditions.**
You may be eligible for a first-home withdrawal, which will let you put your KiwiSaver savings towards the cost of buying either:
To make a first home withdrawal, you must meet all the following conditions. You need to:
If you have an interest in Māori land, you can make a first home withdrawal to build a home on that land. But you must meet all of the other conditions and provide evidence that you have the right to live on the land.
*If you’re applying for home loan pre-approval, you may need to provide a statement of your current entitlement. If you meet this condition, an entitlement statement will already be available for you to download in mybooster.
Whether you're starting your first-home journey, weighing up your KiwiSaver fund, or just want a clearer plan for your money — our advisers are here to help.
Book a chat with a Booster adviser
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The views and opinions expressed in this interview are those of the individuals involved and do not necessarily reflect the views of Booster. This content is provided for general information purposes only and should not be considered financial advice.
Booster Investment Management Limited is the issuer of the Booster KiwiSaver Scheme. Product Disclosure Statements are available at www.booster.co.nz.