Unlocking Kiwisaver for Homeownership: How AI Legalese Decoder can Simplify access for Buying into Partner’s Home
- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Legal Situation regarding Property Ownership and KiwiSaver Access
Kia Ora r/PersonalFinanceNZ,
Burner account to keep separate from my main…
I (late 30s M) am in a stable de facto relationship with my partner (late 30s F). We have two children together. My partner is the sole person on the title of our home, and we have two mortgages (fixed + revolving credit) which we are both named on. My partner has owned the home from a previous marriage which ended in divorce; part of the settlement of this was that she was the sole owner. This was all completed ca. 10 years ago.
I had assumed that I was unable to access my KiwiSaver to help pay down the mortgage, as I have ended up on the mortgages (as guarantor?) as my partner did not work for roughly 4 years as we had the children. Therefore, I thought I wouldn’t be classed as a “first home buyer”.
However, I recently had a conversation with a colleague, who said he was in a similar situation when he married his wife. The colleague said he was able to “sell” their home as an individual to himself and his wife as a couple, and she was able to access her KiwiSaver in the process.
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****** just grabbed a
First things first ask your kiwisaver provider they would be able to tell you whether you are eligible to withdraw your kiwisaver funds for this reason. Then get a lawyer you are going to need one and you are going to have to sort out a contracting out agreement. I assume it was your partners deposit that got the house?
You will both need separate lawyers and advice for the contracting out agreement. While legally you don’t need a contracting out agreement it would just mean that if anything happened between you that the house would be considered relationship property and split down the middle. A contracting out agreement would determine how much each party gets at break up and can save some disagreements down the road because wether you like it or not people change.
Yes. Have done this.
Requires a new S&P from one person to two.
Just need a good solicitor to do the legal part(s) but all in all isn’t difficult.