Haven | Used your KiwiSaver for a first home? Here’s what to do next

KiwiSaver

Used your KiwiSaver for a first home? Here’s what to do next

3 MIN READ April 22, 2021

If you’ve recently purchased a first home and you used your KiwiSaver funds to help, it might be a bit depressing to see your balance so low. But now that you’re not going to be able to access it for a while, how can you…

Make sure you’re in the right fund type

While you’ve been saving for a first home, you might have had your KiwiSaver in a more conservative fund, or you might not even have looked at it at all. Now’s your chance to review just what kind of fund you’re in and how you can make the most of it.

Once you’ve withdrawn your funds for a first home, you likely won’t be able to use your KiwiSaver again until you retire. Because you now have a longer period of time in which to ride the ups and downs, the amount of risk you’re willing to bear might have changed too. It’s a good idea to sit down with an adviser to discuss the various fund types and figure out which is best for you.

Contribute what you can

Now that you have a bigger financial commitment in your mortgage, it could be tempting to take a break from contributing to your KiwiSaver fund altogether. This might seem like a good option now, but could mean you’ll be missing out on so much more come retirement.

Try to contribute as much as you can, particularly while you’re still working and your employer is contributing too. Even if you start at just 3% of your earnings, it’s better than nothing. You’ll also still receive the Government Contribution, which is definitely a bonus! Later on if you advance in your career or you pay off your mortgage, you could look at contributing more.

Re-evaluate your goals

Your goal for the past few years may have been to purchase a home, and now that you’ve done that, it’s a good idea to see what’s next. You might still be young, but saving for your retirement is an important goal that shouldn’t be overlooked.

This is why it’s important to make your retirement a part of your financial plan. Figure out exactly what it would cost to live the kind of retirement life you want, and work backwards to see what you need to save now.

It might seem daunting since you’ve just taken out a big chunk of your retirement savings, but putting a plan in place to keep you on track is the best way forward. You can check out our handy KiwiSaver calculator, or one of our friendly advisers can help you out.

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Eligibility.
The Haven My Food Bag Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older.To be eligible for the prize you must have a delivery address within the My Food Bag delivery area. My Food Bag delivers to most addresses in the postcodes found here.
Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years (c) all people without a qualifying delivery address.
Competition Period.
The Competition begins on Monday 3rd July 2023 to Saturday 30th September 2023.
How To Enter.Complete a financial review with any of Haven’s advisers for any service during the entry period and you will receive one entry into the Competition.
Or,
Refer someone else to complete a financial review with any of Haven’s advisers for any service during the entry period and if they complete the review you will receive one entry each into the Competition.
Drawing the Winners
We will select 3 winners. The final winners will be drawn on Monday 2nd October via random selection by Haven Financial Advisers.Only the person who originally entered the Promotion can be awarded the prize.
The Winners will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.
The Winners will be notified by email, phone (voice or text), mail or in person. Where attempts to contact a Winner fail (e.g. when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
Where the Winner is required to claim the prize in person, they must provide proper identification (eg driver’s licence, passport, birth certificate).
The Prizes
The Prizes (8 weekly My Choice (4 nights for 4) My Food Bag deliveries) are not redeemable for cash or transferable. In the event that the Prize specified in the Competition becomes unavailable for any reason, Haven Financial Advisers may substitute a prize of like or equal value.In order to claim the prize the winner will need to sign up to the My Food Bag website to manage their deliveries. In order to sign up a credit or debit card will need to be added to the account for any upgrades or additional grocery items beyond the Prize.
The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions.
The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated.
The Promoter (Haven Financial Advisers Limited) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.
The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.
Prizes may be subject to additional terms and conditions imposed by a third party.
The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.
Social Media & Marketing
Where the Promotion is conducted across social media: a. Entrants’ conduct must comply with the rules of that social media platform. b. The Promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram or Snapchat. These social media platforms are in no way responsible for any aspect of the Promotion.By entering this Promotion, entrants agree to the use of their names, photographs and likeness for promotional/advertising purposes, and agree to make themselves reasonably available for this purpose. Any copyright associated with an entry will be owned by the Promoter.
The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.

Terms & Conditions

1. Eligibility.

The Haven Travel Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older.

Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years.

2. Competition Period.

The Competition begins on Monday 13th March 2023 to Wednesday 31st May 2023.

3. How To Enter.

Complete a financial review with any of Haven’s advisers for any service during the entry period and you will receive one entry into the Competition.

4. Drawing the Winner

The final winner will be drawn on Monday 5th June via random selection by Haven Financial Advisers.

Only the person who originally entered the Promotion can be awarded the prize.
The Winner will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.
The Winner will be notified by email, phone (voice or text), mail or in person. Where attempts to contact the Winner fail (eg when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
Where the Winner is required to claim the prize in person, they must provide proper identification (eg driver’s licence, passport, birth certificate).

5. The Prize

The Prize (a travel voucher valued at $4,000 NZD) is not redeemable for cash or transferable. In the event that the Prize specified in the Competition becomes unavailable for any reason, Haven Financial Advisers may substitute a prize of like or equal value.
The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions.
The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated.
The Promoter (Haven Financial Advisers Limited) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.
The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.
Prizes may be subject to additional terms and conditions imposed by a third party (for example, vouchers may have additional terms and conditions and/or an expiry date or in the case of travel, additional terms and conditions may be imposed by airlines, service providers and venues).
The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.

6. Social Media & Marketing

Where the Promotion is conducted across social media: a. Entrants’ conduct must comply with the rules of that social media platform. b. The Promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram or Snapchat. These social media platforms are in no way responsible for any aspect of the Promotion.
By entering this Promotion, entrants agree to the use of their names, photographs and likeness for promotional/advertising purposes, and agree to make themselves reasonably available for this purpose. Any copyright associated with an entry will be owned by the Promoter.
The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.