KiwiSaver boosts first home market: ANZ
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.”
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