Example 3 - Jo, Mike and Tony

Published: 1 August 2016

Jo, Mike and Tony

Jo, Mike and Toni are three friends aged 23, 24 and 27. They currently flat separately but would like to buy a house together. All three work in the hospitality industry, and their combined income is $107,000. None of them has much savings, but they’ve all been members of KiwiSaver for five years.


The three friends would like to buy a FirstHome house worth $283,000, which will require a 20% deposit of $56,600.

The maximum FirstHome grant is $20,000. Using their combined KiwiSaver HomeStart grant's of $10,000 (the maximum payable for a single property) Jo, Mike and Toni also added their KiwiSaver first-home withdrawal of $26,600 to raise the deposit and achieve their home ownership goal.


House purchase price $283,000
Bank loan $226,400
KiwiSaver first-home withdrawal $26,600
HomeStart grant $10,000
FirstHome Grant $20,000
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