Buying Your First Home?
Need help understanding KiwiSaver and what grants and financial support are available?
There are some schemes you may have heard of and some that are less known.
These schemes include:
FIRST HOME GRANT
KĀINGA ORA FIRST HOME LOAN SCHEME
KĀINGA ORA FIRST HOME PARTNER
KĀINGA WHENUA LOAN SCHEME
Here's what you need to know
KiwiSaver WithdrawalKiwiSaver withdrawal If you have been a member if KiwiSaver for at least 3 years, you may be able to make a withdrawal from your savings to put towards buying your first home. Eligible members can withdraw their KiwiSaver savings (including tax credits). However at least $1,000 must remain in their KiwiSaver account.
First Home GrantIf you’ve been contributing to your KiwiSaver for at least 3 years you may be eligible for a First Home Grant of up to $10,000 to top up your deposit. If you buy a new home or land to build on, you can get $2,000 for each year up to 5 years with a maximum of $10,000 per person.
To be eligible for a First Home Grant, you must:
Be over 18 years old
Have earned less than the income caps in the last 12 months
Not currently own any property or land, this does not include
ownership of Māori land
Have been contributing at least the minimum amount to
KiwiSaver (or complying fund or exempt employer scheme) for 3 years or more
Purchase a property that is within the regional house price
Agree to live in your new house for at least 6 months.
In the 12 months before you apply, you must have earned:
- $95,000 or less before tax for a individual buyer
- $150,000 or less before tax for a individual buyer with one or more dependents- $150,000 or less before tax for 2 or more buyers, regardless of the number of dependents.
A person who has dependents has the responsibility for the part- time or full-time care of a child, children, or other dependent adults in a household who are unable to live independently. If the dependents are aged 18 or over, you will need to tell us why they are dependent on you for their ongoing care.
Providing financial support alone does not meet the definition of having responsibility for the care of a dependent.
First Home Grant caps in your area for new builds
Tauranga Urban Area
(Tauranga, Western Bay of Plenty District)
Hamilton Urban Area
(Hamilton City, Waipā District, Waikato District)