The Eligibility Criteria below, will apply to your Loan:

As a first home buyer

• You will use the loan to purchase your first home.
• You must be a Simplicity KiwiSaver member.
• We will lend up to 80% of the value of the property you wish to purchase, being 80% of whichever is the lower of the purchase price or valuation.
• Your minimum repayments must work out to be equal to or less than 35% of your after-tax income (combined, if applicable).
• Our loan will need to be secured against a property that has a freehold/fee simple or "cross lease" Record of Title - i.e. not a stratum in freehold/leasehold (usually apartments on a unit title). A cross lease title must only have five or fewer flats on the flats plan relating to the relevant Record of Title and not be defective.
• The property must have an existing dwelling already built on the land at the date of settlement, which will include new builds that are “turnkey” or home and land packages, but not a construction contract.
• You will use the dwelling as your principal place of residence.

• The property must comply with all relevant regulations, statutes and approvals, i.e.:
  1. - Suitable Record of Title and not be defective (cross lease titles);
  2. - No unconsented works;
  3. - No outstanding Code Compliance Certificates or EQC Claims;
  4. - No disclaimers in relation to the weather tightness of the dwelling, integrity of works, etc.

• Purchaser/s must be individuals – i.e. trusts and companies will not be eligible for a Loan.
• Guarantors will not be permitted to provide security for lending.
• Any other matters we deem applicable in accordance with our Terms and Conditions of Loan.

N.B. You must have been a member of KiwiSaver for at least three years and meet other criteria if you would like to withdraw your KiwiSaver funds to contribute to the purchase of your first home.

As a first home owner - refinancing

You must:

• Be a Simplicity KiwiSaver member.
• Live in your first home, which must be your principal place of residence.
• Be refinancing your existing first home loan (secured against that property).
• Not own any other property, including investment or rental property.
• Apply as individual/s, not through a trust, company, or other entity.
• Have your name selected in the monthly Simplicity Refinancing Ballot before applying.

All refinancing loans are subject to Simplicity’s standard lending criteria, credit checks, and legal requirements.