Currently, KiwiSaver funds can be withdrawn for a first home purchase after three years of contributions, with some exceptions. However, owning a home or land previously typically disqualifies individuals. There are exceptions for certain circumstances, such as relationship breakdowns.
Federated Farmers has initiated a petition urging the government to ease access to KiwiSaver, believing it will benefit the next generation of farmers. The promise was made by Agriculture Minister Todd McClay during a pre-election meeting in Morrinsville, although he clarified it as a National Party promise rather than a coalition promise.
McClay has assured that the promise will be upheld before the government’s term ends, with an announcement expected later in the year. He emphasized the importance of ensuring fairness and avoiding unintended consequences, particularly in scenarios where KiwiSaver funds are used for business investments that may later be redirected.
Richard McIntyre, Federated Farmers Dairy Chair, expressed optimism about the potential changes benefiting young farmers in climbing the property ladder within the agriculture sector. While the promise is yet to be fulfilled, he remains confident in the Agriculture Minister’s commitment.
McClay highlighted the government’s track record in delivering on promises to Federated Farmers and reiterated the intention to fulfill this final promise in some capacity. National MP Suze Redmayne also introduced a bill aligning with Federated Farmers’ calls, awaiting selection from the ballot.
Overall, the agriculture sector anticipates positive developments in KiwiSaver accessibility, paving the way for aspiring farmers to progress towards farm ownership.
