How to Buy a House in Australia: A Complete Guide for Kiwis (2022)

Kiwis have similar rights to Australians when it comes to buying property in Oz. If you’re thinking about buying a home in Australia, this guide will walk you through the process, the pitfalls and the prerequisites.

One of the bonuses of NZ and Australia being so close is that Kiwis can buy property easily on the other side of the Tasman. A Kiwi can waltz into Australia and buy an urban property without FIRB approval - so what are you waiting for?

Where to find a property in Australia

There are a number of websites, and some specific to the state you’re looking in. The top five largest and Australia-wide online real estate sites in Australia are:

Peruse through them and find one of two sites that you like and find easy to navigate. You can also set up alerts on some of them, to be automatically told when a property that meets your requirements is listed.

How much does a house in Australia cost?

Australian cities can be more expensive than New Zealand. If you look to the suburbs or outskirts of the towns, you’ll find better value housing. However, this may mean access to public transport or desirable schools is further away.

These median house price for various Australian cities as at January 2019.

  • Sydney AU$1,144,217
  • Melbourne AU$882,082
  • Brisbane AU$566,322
  • Adelaide AU$534,832
  • Perth AU$556,572
  • Darwin AU$539,497
  • Canberra AU$749,865
  • Hobart AU$461,547

Worst case scenario, the town of Andamooka, just 600km north of Adelaide, has an average house price of just AU$34,625. There’s a population of 316 people in the town and an average high of 27°C, with 21 days of rain a year. So if you can’t face forking out a cool million for a Sydney home, you can buy a home in Andamooka and pay it off in two years.

What kind of property should you buy?

What type of property you should buy completely depends on your needs. Whether you want a chic inner-city apartment, a sprawling red brick 4-bedroom home or a compact low maintenance townhouse, it’s up to you. However, if you wish to buy commercial or rural property, this will need Foreign Investment Review Board approval beforehand.

(Video) The Kiwi Edition of How to Buy a House in Australia: Episode 8, The Wrap up

Make sure you do due diligence before investing in any property, but in particular, apartments can lose value quickly. If the area they are in falls out of favour, or a newer apartment with better amenities is built close by, there is the possibility that it will lose value.

As with all property investments, get it checked by a qualified builder, search in the media to see if there are any motorways or shopping centres about to be built in the vicinity, and check the house for bug infestations (this is Australia remember, they have termites).

How to buy a house in Australia

The process to buy a home in Australia is very similar to NZ. You raise the money based on your deposit, attend an auction, and buy a home. Some homes may be sold in other ways, but most are sold by auction these days. These auctions often held at the location in front of the home so you will need someone on the ground if you are not in the country yet.

Getting a mortgage in Australia

In a process similar to New Zealand, you’ll need to apply for a loan from a bank. Have proof of income from payslips and tax returns, and make sure you have a deposit of about ten percent- although some banks may accept as little as five percent.

It’s up to you which bank you apply to, and their rules and rates will differ from one to the next.

Banks in Australia will almost certainly check your New Zealand credit rating. Make sure you contact all the credit rating providers in NZ and check that you’re squeaky clean. If you have outstanding debts or overdue fines, pay them promptly, before you apply for a loan.

Banks may charge you more interest because you are not an Australian citizen, so make sure you shop around to get the best rate,

Can I use my Kiwisaver as a deposit for a home in Australia?

If you are buying your first home, you may be able to use your Kiwisaver as a deposit on the home. You will have to meet the normal rules regarding income levels, length of time in Kiwisaver, and other regulations.

(Video) Complete Guide To KiwiSaver - What You Didn't Know!

Taxes and duties on houses in Australia

There are a few taxes and stamp duty to think about if you are a Kiwi buying a home in Australia.

Stamp duty: This is an Australian tax that gets added to the purchase price. It’s a percentage of the price you pay, and this percentage does vary from state to state. You can figure out how much stamp duty you need to pay by using this calculator. You may be eligible for a reduction if you are part of the First Home Owners Scheme (see below). Having a SCV exempts a Kiwi from stamp duty in NSW, VIC, QLD, WA, SA, ACT and TAS, but not in every circumstance. For instance, in NSW, you must have been in the country for at least 200 days before buying a home. You also need to be in Australia at the time you sign the contract and on settlement day. Get a great accountant and don’t get caught out in the small print.

Capital Gains Tax: If you don’t own a home in New Zealand, or if you sold it before you moved over the ditch, you don’t need to worry about this. But if you rent out your home in NZ or sell it while you’re in Australia, you will likely be liable for CGT. It’s best to consult an accountant to ensure that you do are compliant with financials in Australia.

Bright line test: In New Zealand, if you have sold a home and have owned it for less than five years or have not used it as your primary family home, you may be liable for the bright-line test. Make sure you check it out before making decisions about renting out your NZ home.

Non-Resident Withholding Tax: If you are living in NZ and paying interest to a lender in Australia, you may have to pay extra tax. If you choose a lender, make sure they meet a set of criteria to ensure you don’t have to pay NRWT.

A buyer advocate- do I need one?

A buyer advocate, if you want a simpler process, can save you time and money (and stress!). This person is a professional who will know the local market and can help you locate appropriate properties and objectively evaluate them. Once you’ve chosen a home, they can help you negotiate to get the best price. They have realistic expectations, and can help to ensure you don’t get caught up in the moment and over-bid.

They are invaluable if you haven’t lived in Australia yet, because they know the area, the suburbs, the schools, and what’s close by. It will save you hours of research.

These buyer advocates ONLY buy properties, not sell them. This way, you know you’re getting advice from someone who has it in their best interests to help you. A buyer advocate might cost about 1.5% of the budget, which is usually a fixed fee agreed on in advance. This might sound like a lot of money but if they save you AU$50,000 and a bunch of stress, it’s worth it.

(Video) 5 THINGS I WISH I KNEW BEFORE MOVING TO AUSTRALIA (A Kiwi Working in Australia)

First Home Owner's Scheme

You could be eligible for this scheme if the home you are buying or building meets the criteria here. It will depend on the state you live in. This is available to Australian residents and citizens, but also has been extended to New Zealanders living in Australia on the SCV. Generally, you are eligible if:

  • You’re a first home buyer.
  • You’re buying to live in
  • The property is worth less than a certain amount (varies from state to state)
  • You’re in the country at the time of settlement and contract exchange
  • You must have been living in the country for a length of time (differs among states)

Buying in different states

Each state in Australia has slightly different laws and processes. Once you know where you’re living, check the details of the local regulations.

ACT

  • The ACT government site has everything you need, from their housing strategy through to how to plan and design your new home build.

New South Wales

Northern Territory

Queensland

South Australia

Tasmania

(Video) KIWI FAMILY LIVING THE AUSTRALIAN DREAM | No 1 Property Guide |No or Low Deposit Home & Land Package

Victoria

  • This site has lots of super-user-friendly information for potential Melbourne house buyers. The Consumer Affairs site has more information that goes beyond the basics.

Western Australia

Can a Kiwi buy a home in Australia while still in NZ?

Yes. For a lender, selling to a Kiwi in Australia presents much less risk than a borrower living in New Zealand. This may result in a higher interest rate and will depend largely on the lender.

Moving your possessions to Australia

Once you’ve decided you’re moving to Australia, the next decision is a series of small decisions- what will you take with you, and what will you leave in New Zealand? If you decide to move your car, pets, or possessions over, you need to consider timeframes.

For instance, it may be weeks after your arrival before your household goods arrive. Then what happens if your stuff arrives but you haven’t purchased a house yet? Ausmove manage the whole process from packing to delivery at your new home in Australia, and have secure storage units on both sides of the Tasman. They will ship your goods only when you’re ready- or hold them for you in Australia if your plans change.

Should you sell your NZ home before buying in Australia?

The answer to this question is really up to you and your financial situation.

Rent out your NZ home and buy in Australia: This means you’ll have two mortgages to pay and tenants to manage in New Zealand. This may mean you can be charged extra taxes (such as the Bright-Line and Capital Gains Tax) too. However, it does mean you have a property in NZ still which you can return to if required.

Sell your home in NZ and buy in Australia: Possibly the most stressful option initially, the timing to get this all smoothly may be impossible. You may need a temporary rental at one or both ends. However this avoids the capital gains tax and any need for the bright line test- and you’ll only have to pay for one mortgage at a time.

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Take your time and do your research first

As each state has slightly different rules, make sure you check with local regulations to ensure you are compliant with all requirements. This will also show up any potential problems with tax or stamp duty that you might wish to avoid.

Hiring a buyer advocate will provide you with invaluable local knowledge, and may help you to make the best decision for your needs. Also consider hiring a lawyer or accountant that understand the laws around New Zealand acquisition of Australian homes- their cost may be repaid in the savings you make in your home.

Looking for a quote to move your belongings to Australia?

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FAQs

Can I use my KiwiSaver to buy a house in Australia? ›

The good news is you can use your KiwiSaver for the FHSS scheme in Australia as long as you meet the criteria set out by the ATO. The ATO says 'if you transfer an amount into an Australian super fund from a KiwiSaver scheme, the amount will be an eligible contribution (except for certain amounts)'.

Can a New Zealand citizen buy a house in Australia? ›

Yes, you can as an NZ citizen.

As an NZ citizen living in Australia, you are treated as an Australian citizen when it comes to buying a home in Australia. You can get a mortgage at the same rate, you are eligible for the First Home Owners Grant (FHOG) and possible stamp duty waiver.

How much deposit do you need to buy a house in Australia? ›

Usually, 20% of the full value of the house is a good amount to aim for as a deposit. You can still get a loan if you have a smaller deposit, but you may need to take out Lenders Mortgage Insurance (LMI) which adds an additional cost to your loan. It'll also take longer to pay off.

What are the steps to buying a house in Australia? ›

Buying a house
  1. Save for a house deposit.
  2. Work out what you can afford to borrow.
  3. Find the best home loan rate.
  4. Find a house to buy.
  5. Negotiate to buy your house.
  6. Settle on your new home.

How much do I need in my KiwiSaver to buy a house? ›

You must have a deposit, which can include your KiwiSaver balance, equal to 5% of the value of the house you are buying. In the 12 months before you apply, you must have earned $85,000 or less (before tax) for a single buyer, $130,000 or less (before tax) in the last 12 months if 2 or more people are buying the home.

How much KiwiSaver can I withdraw to buy a house? ›

Depending on whether you're buying an existing home or a new build - you can get up to $10,000 towards buying your first home using the KiwiSaver HomeStart grant. HomeStart helps people buy their first home, but if you've owned a home before you might still qualify.

How do New Zealanders buy property in Australia? ›

New Zealanders who want to buy rural or commercial property in Australia, like all other foreign citizens, would likely need Foreign Investment Review Board approval. For more information, contact the Foreign Investment Review Board .

What benefits are NZ citizens entitled to in Australia? ›

If you're a New Zealander living in Australia you can get Centrelink payments if you meet eligibility.
...
Non-protected SCV holders
  • Family Tax Benefit.
  • Newborn Upfront Payment and Newborn Supplement.
  • Single Income Family Supplement.
  • Child Care Subsidy.
  • Double Orphan Pension.
  • Health Care Card.
13 May 2022

Can New Zealanders live permanently in Australia? ›

Under the Trans-Tasman Travel Arrangement introduced in 1973, Australian and New Zealand citizens are able to enter each other's country to visit, live and work indefinitely, without the need to apply for prior authority. New Zealand is the only country in the world that has such an arrangement with Australia.

Can I buy a house with $10000 deposit Australia? ›

Most Australian mortgage lenders require a deposit of 10-20% for home loans. With a deposit of $10,000, most lenders would only approve you for a $100,000 home loan. You may be approved for a larger loan if you pay more lenders mortgage insurance.

How much deposit do you need for a $300000 house in Australia? ›

You need at least $25,038 in deposit for a $300,000 house as a first home buyer or if you aren't a first home buyer you'd need to pay $3,000 extra in stamp duty, meaning you'd need at least $28,432 in deposit on a $300,000 home in Queensland.

How much should you have in your bank account before buying a house? ›

If you're getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So, if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

What are 5 things you should do before buying a home? ›

Buying Your First Home: 5 Things to Know Before You Do
  • #1 Your Down Payment May Not Be the Biggest Hurdle. ...
  • #2 You Probably Will Have to Compromise. ...
  • #3 Be Emotionally Ready for Financial Surprises. ...
  • #4 A Mortgage Can Be Cheaper Than Rent. ...
  • #5 Your Lifestyle May Call for Buying Instead of Renting.

What is the first thing to do before buying a house? ›

Once you decide to buy a new home, the first thing you'll need to do is check your credit history. This involves pulling credit reports from each of the three credit reporting bureaus (Experian, TransUnion, and Equifax) to better understand your credit score.

What you should know before buying a house in Australia? ›

15 Things to Check before Buying a House in Australia
  • The structure of the building: look at its foundation, its plumbing, see if the wiring's done right, and check for potential dampness or cracks in the wall;
  • The condition of the roof – is it sinking, steel frame, wood frame;

How much deposit do I need for a house in 2022 NZ? ›

What is the minimum deposit that I need to buy a house in New Zealand? The ideal deposit for any own-home purchase is 20% but typically, the minimum required is 10% for an existing property and in some rare cases 5% for a turn-key build.

What is a good amount for KiwiSaver? ›

You'll probably start on 3%, because that's the default amount people usually start on when they join. Before you decide to increase the percentage, think about whether you can afford it: Do you have consumer debt to pay off (credit cards or personal loans)?

What deposit is required to buy a house NZ? ›

If you are a first home buyer looking to purchase an existing home, in most instances you will be required to have a deposit that is 20% of the home's value. This means that for a home worth $500,000, you will likely need a deposit of $100,000.

What are 4 reasons you may withdraw money from KiwiSaver? ›

You may be eligible to withdraw KiwiSaver savings early in the case of bankruptcy, relationship property, student loans and your death.

How long do you have to live in a house after using KiwiSaver? ›

You will be required to leave a minimum of $1,000 in the account. After purchasing, you must live in the home for at least six months, as you may not use your KiwiSaver money for an investment property.

How much should I have in KiwiSaver when I retire? ›

We crunched the numbers on a 35-year-old on an average income of $68,000, with a typical $20,000 in a balanced KiwiSaver fund, and making contributions of 3%. On these numbers they could expect to retire with about $201,000 saved.

Do NZ citizens pay stamp duty in Australia? ›

Stamp duty surcharge is an additional tax that foreign buyers pay on top of stamp duty when purchasing a home in Australia. As an NZ citizen, you can avoid this surcharge. However, there are some situations where you will still have to pay.

Is housing cheaper in Australia or New Zealand? ›

When comparing the cost of living in New Zealand vs Australia, New Zealand is the more affordable country to live in. On average, consumer prices in New Zealand are 3.96% lower than in Australia. Rent and groceries cost 17.70% and 5.92% less. Eating out at a restaurant will also cost less in New Zealand.

Can Singaporean buy property in Australia? ›

FIRB approval can take a minimum of 30 days. As a Singaporean citizen, you cannot purchase any property in Australia without getting approval from FIRB.

What happens to my NZ pension if I move to Australia? ›

If you get NZ Super or Veteran's Pension before you leave New Zealand, you must apply for NZ Super or Veteran's Pension in Australia within 26 weeks of your departure from New Zealand. You also need to apply for an Australian Age Pension to be paid to you in Australia.

Is healthcare free in Australia for NZ citizens? ›

Medicare is Australia's publicly-funded healthcare system. New Zealand citizens living permanently in Australia are eligible for Medicare if they: can prove they have entered Australia long-term or permanently.

Can I claim my NZ pension in Australia? ›

We have an agreement with New Zealand that allows New Zealand citizens living in Australia to claim the following payments: Age Pension. Disability Support Pension if you're severely disabled.

How much does it cost for a New Zealander to become an Australian citizen? ›

Skilled Independent visa (subclass 189) New Zealand stream

With this visa you can work and study anywhere in Australia and sponsor eligible family members for permanent residence and if eligible, become an Australian Citizen. This visa costs from AUD$4,115 for the main applicant.

How much tax do New Zealanders pay in Australia? ›

New Zealand citizens are treated as residents for tax purposes once they complete a stay of six consecutive months in Australia (183 days).
...
Foreign resident tax rates 2021–22.
Taxable incomeTax on this income
$180,001 and over$61,200 plus 45 cents for each $1 over $180,000
2 more rows

Is it better to live in Australia or NZ? ›

Australia is cheaper to live in than New Zealand

Australia is often called more affordable, but New Zealand comes out on top in certain areas. In Australia, the average rent price is pushed higher by house prices in Sydney and Melbourne. However, New Zealand's average house price is skewed higher because of Auckland.

Is it better to rent or buy a house in Australia? ›

Rent is often more affordable than mortgage payments on the same kind of property. You can afford to live in areas you may otherwise be priced out of as a buyer. You don't have to save up for a deposit.

How can I buy a house with low income in Australia? ›

Bonus tips on how to buy a house with a low income
  1. You can buy with a smaller deposit. ...
  2. You can use a guarantor. ...
  3. You can use the first home owner's grant. ...
  4. Use the government housing loans for low income earners. ...
  5. Look beyond the traditional banks for a loan.

Can I use my super for a house deposit 2022? ›

From 1 July 2022, you will be able to contribute, and access for your first home, up to $50,000 in total voluntary contributions made under the FHSSS. These contributions must be within existing contribution caps (e.g. the $27,500 per year concessional contributions cap).

How much deposit do you need for a $1000000 house? ›

Generally, borrowers require 20% of the purchase price as a deposit, but it can be as low as 5% – or even less – if you qualify.
...
How Much Do I Need To Save?
Property purchase priceMinimum deposit
$500,000$25,000
$800,000$40,000
$1,000,000$50,000
1 more row
26 Sept 2022

Can I use my super to buy a house? ›

Can I use super to buy a house? Voluntary concessional (before tax) and non-concessional (after-tax) super contributions you have made to your superannuation since 1 July 2017 can count towards your deposit to buy a property. Note: you must be a first home buyer.

How much can I borrow with a $50000 deposit? ›

Home deposit size

If you've been able to save a large deposit to buy a home, a lender will likely lend you more. However, lenders will generally not let you borrow more than 90% of a property's value. For example, if a property costs $500,000 and you have a $50,000 the deposit, the lender will only lend you $450,000.

What is the best account to save for a house? ›

Ideally, choose one offering a higher interest rate than your traditional savings or checking account. Examples include a high-yield savings or money market account.

How much deposit do I need for a house worth 500 000? ›

Simply put, that means if you were looking to buy a property for $500,000 you would need a deposit of $100,000.

How much should I save a month to buy a house? ›

How much can you afford to save? – Data from the Federal Reserve shows that the average American saves only 6% of his or her disposable income. Assuming he or she earns the median household income, 6% would be roughly $300 per month, enough to buy a $100,000 home by 35 if he or she started saving at 28.

What should you not do when buying a house? ›

6 Mistakes to Avoid When Buying a House
  1. Making Credit Inquiries. Every time a business checks your credit score — what's called a “hard inquiry” — it takes a little ding. ...
  2. Opening a New Line of Credit. Owning a new home means lots of new expenses. ...
  3. Missing a Payment. ...
  4. Moving Money Around. ...
  5. Changing Jobs. ...
  6. Leasing or Buying a Car.
3 Nov 2022

What is the first thing to do after buying a house? ›

Here are some of the first things to do when you buy a new home.
  • Secure your home. ...
  • Purchase or review your home warranty. ...
  • Connect the utilities. ...
  • Check smoke and carbon monoxide detectors. ...
  • Use your inspection report as a to-do list for maintenance. ...
  • Refresh the paint. ...
  • Refresh the flooring.
6 May 2022

What should you not do when buying your first house? ›

6 first-time homebuyer mistakes to avoid
  1. Mistake No. 1: Spending more than you can afford.
  2. Mistake No. 2: Not preparing for the mortgage process.
  3. Mistake No. 3: Confusing prequalification and preapproval.
  4. Mistake No. 4: Skipping the home inspection.
  5. Mistake No. 5: Not budgeting for closing costs.
  6. Mistake No.

Is 2022 a good year to buy a house? ›

It's becoming harder to buy a house as prices are up year over year, and mortgage rates are soaring in 2022. At the same time, consumer prices on everything are also on the rise making it even more difficult to save money to buy a house next year.

Should I buy a house in 2022 or wait? ›

Unsurprisingly, many home buyers are left wondering: Is buying a house still worth it in 2022? The short answer is yes. If you're financially ready, buying a house is still worth it — even in the current market. Experts largely agree that buying and owning a home remains a smarter financial move than renting for many.

What I Wish I Knew Before buying a house? ›

  • Know What You Want. The question is simple, but it'll determine your entire hunt. ...
  • Stick to a Budget. ...
  • Find the Right Agent. ...
  • Get Your Mortgage in Order. ...
  • Know Your Market. ...
  • You Can & Should Negotiate. ...
  • Order a Professional Home Inspection. ...
  • Contingencies Are a Thing.

What is the most important step to buying a house? ›

Know your budget.

As you already know, buying a home is going to be expensive. Knowing exactly how much it will cost and how much you can spend is a crucial step in making a wise investment. Consider your lifestyle, your income and any current debts you're carrying.

How much deposit do I need to buy a house in Australia? ›

Usually, 20% of the full value of the house is a good amount to aim for as a deposit. You can still get a loan if you have a smaller deposit, but you may need to take out Lenders Mortgage Insurance (LMI) which adds an additional cost to your loan. It'll also take longer to pay off.

Can New Zealanders buy property in Australia? ›

Are you a New Zealander wanting to buy a house in Australia? Yes, you can! If you're an NZ citizen buying property in Australia everything works the same as if you were an Australian citizen buying property in Australia. You may even be eligible for the first homeowners grant.

Can you use your NZ KiwiSaver in Australia? ›

New Zealand-sourced retirement savings transferred to Australia are treated as non-concessional (or personal) contributions. Transfers from New Zealand KiwiSaver schemes to complying Australian super funds must be the whole balance of the account – partial transfers are not allowed.

Can I cash out my KiwiSaver if I move to Australia? ›

Getting my KiwiSaver savings when I move overseas If you move permanently to Australia you can transfer your KiwiSaver funds to an Australian superannuation scheme. If you have been living overseas (not Australia) for 1 year, you can take out most of the savings from your KiwiSaver account.

Can you use KiwiSaver to buy property overseas? ›

Can I use my KiwiSaver to purchase property overseas? No, the property you buy must be in New Zealand.

Who accepts KiwiSaver in Australia? ›

The Industry SuperFund that currently accepts KiwiSaver transfers is First Super. As an Industry SuperFund, First Super is owned by members with profits going back to account holders, not shareholders. Note, you cannot transfer KiwiSaver funds into a self managed superannuation fund.

Can I still get NZ pension if I move to Australia? ›

If you get NZ Super or Veteran's Pension before you leave New Zealand, you must apply for NZ Super or Veteran's Pension in Australia within 26 weeks of your departure from New Zealand. You also need to apply for an Australian Age Pension to be paid to you in Australia.

What benefits are Kiwis entitled to in Australia? ›

Eligible New Zealand citizen (or protected SCV holders) may be entitled to more benefits.
...
Entitlements for eligible New Zealand citizens
  • Additional social security payments.
  • National Disability Insurance Scheme.
  • Youth allowance.
  • Austudy.
27 Feb 2022

What payments are NZ citizens entitled to in Australia? ›

New Zealand citizens claiming payments in Australia
  • Child Care Subsidy.
  • Dad and Partner Pay.
  • Double Orphan Pension.
  • Family Tax Benefit.
  • Foster Child Health Care Card.
  • Newborn Upfront Payment and Newborn Supplement.
  • Parental Leave Pay.
  • Parenting Payment.

What happens to KiwiSaver if you leave NZ? ›

If you want to withdraw your KiwiSaver savings because you have emigrated permanently to any country (excluding Australia), at least 12 months needs to have passed since your permanent emigration from New Zealand.

What happens to my KiwiSaver if I move to Australia? ›

If you move permanently to Australia, you can transfer your KiwiSaver savings to an Australian superannuation scheme. You do not have to transfer your KiwiSaver savings to Australia though. Contact your KiwiSaver provider if you decide to transfer your KiwiSaver savings. They can take you through the process.

Do you pay tax when you withdraw KiwiSaver? ›

Your KiwiSaver provider invests your contributions so they earn money for you. You pay tax on the money your investment earns, but you do not pay tax on any money you withdraw from your KiwiSaver account. To use the right tax rate you need to know what kind of KiwiSaver scheme you're in.

Can I use my Australian super to buy a house in NZ 2022? ›

New Zealand does not allow Kiwis to withdraw their Australian-transferred superannuation in KiwiSaver, because Australia didn't allow Australians to access their superannuation to buy a house.

How much deposit do I need to buy a section NZ? ›

Paying a deposit on the land purchase

You will need to ensure you have sufficient funds to purchase your section and that you also have sufficient funds to build. You will need to pay between 20-50% of the land price to settle on the land.

How much money do I need for a deposit on a house? ›

With a first-time buyer mortgage, you're likely to be looking for a 90% or 95% mortgage deal (meaning you'll need a 5% or 10% deposit saved). When it comes to borrowing money in any capacity, it all comes down to risk.

Can I withdraw my super if I am NZ citizen? ›

Citizens and Permanent Residents of Australia or New Zealand may be allowed to withdraw some of their Superannuation or KiwiSaver on compassionate grounds for unpaid expenses. Compassionate grounds include: medical treatment and medical transport for you or a dependent. palliative care for you or a dependant.

Who is the best KiwiSaver provider? ›

Best Performing KiwiSaver Funds
  • FUND TYPE. 5YR AVERAGE.
  • Conservative. Milford. Conservative. 3.0%
  • Moderate. Generate. Moderate. 3.9%
  • Balanced. Milford. Balanced. 6.8%
  • Growth. Milford Active Growth. 8.3%
  • High Growth. Booster SRI High Growth. 7.3%

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