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KiwiSaver boosts first home market: ANZ

ANZ has seen a near five-fold increase in the number of borrowers using KiwiSaver funds for a home deposit.

Monday, June 11th 2018, 5:18PM

by Dan Dunkley

The lender said 9,876 borrowers dipped into their KiwiSaver for a deposit last year, dwarfing the 2,100 customers that accessed their pension savings in 2012. ANZ says about 40% of first home buyers used KiwiSaver to finance a deposit in the year to September 2017.

Savers are taking out about $20,000 for a deposit, according to the lender. This compares to average withdrawals of about $10,000 in 2012, when ANZ began collecting data.

The rising numbers follow the wider expansion of the nationwide savings scheme. Yet ANZ Wealth managing director Craig Mulholland believes the sharp rate of increase will continue.

Mulholland told TMM Online the strong performance of KiwiSaver had provided a boost to the first home market: “The younger generation are seeing this as a great way to save funds. We are seeing this right across the market. They are getting much stronger returns from their KiwiSaver than their term deposits and savings accounts.”

It comes as data suggests first time buyers are taking up a bigger share of the New Zealand market. First time buyers took just over a 16% share of the New Zealand mortgage lending market last month, according to RBNZ’s latest figures, the largest proportion in a decade.

Mulholland says KiwiSaver access and softening prices have created an “opportunity for first time buyers to secure that first home”.

Mulholland says it is important customers get the right advice on extracting their pension savings for a home. He adds: “The key thing we are saying is that it is important to contribute to KiwiSaver after paying your deposit."

ANZ’s findings echo an earlier study from Westpac. In April, Westpac revealed nearly 75% of its 18-24 year old customers had joined KiwiSaver solely to fund a house deposit.

Tags: ANZ KiwiSaver NZ Funds NZ Super RBNZ

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 ▲3.15 ▲3.55 ▼3.75
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.55 ▲2.95 ▼3.15
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.29 ▲2.69 ▲2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 ▲2.89 ▲3.29 ▲3.49
SBS Bank Special - ▲2.39 ▲2.79 ▲2.99
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.29 - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
TSB Special 4.54 2.50 2.89 3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.78 2.99 3.29

Last updated: 5 August 2021 9:02am

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