Young farmers will be able to use their KiwiSaver towards a first home even when they do not live in it, a change New Zealand Young Farmers chief executive Cheyne Gillooly says will help more young people onto the property ladder.

“Any tool that we can put in our Young Farmers toolbox to help them onto wealth creation and farm ownership, I’m all behind it,” Gillooly says.

On-farm housing usually comes with the job, making the live-in rule a barrier.

“It’s been a stupid anomaly; the original policy was well-intended, but it missed this real opportunity.

“It’s nice to see that gap finally plugged.”

Gillooly says a second change could let first-home buyers use KiwiSaver towards a farm bought through a company, trust or partnership they control.

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