First Home Grant

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What is the First Home Grant?

Buying property is daunting, especially in New Zealand’s biggest cities. However, if you're a first-time home buyer, or you don’t currently own or have interests in any other property in New Zealand, you could be eligible for a First Home Grant worth up to $10,000. First Home Grants are available if you have been making regular KiwiSaver contributions for at least three years.

Am I Eligible for a First Home Grant?

To be eligible for a First Home Grant, you must:

• Be over 18
• Have earned less than the income caps in the last 12 months: $95,000 or less before tax for a single buyer; $150,000 or less before tax for two or more buyers.
• Not currently own any property. It’s okay if you’ve owned property in the past but no longer own or have an interest in any property. You also can’t have money or assets (excluding your KiwiSaver) worth more than 20 percent of the house you are buying
• Have been contributing at least the minimum amount to KiwiSaver for three years or more
• Purchase a property that is within the regional house price caps.
• Agree to live in your new house for at least six months.
  
  

What if I Have Contributed to Another Scheme?

If you have been contributing to a superannuation scheme other than KiwiSaver, call 0508 935 266 to check whether your fund is eligible for a first home buyers grant to help buying a house.

What Are the KiwiSaver Eligibility Requirements?

To be eligible for a KiwiSaver First Home Grant, you must have been regularly contributing at least the minimum amount to KiwiSaver for three years, currently set at three percent of your income. The three years of contributions don't have to be consecutive, as long as they add up to three years' worth of contributions. Find out more on the Kāinga Ora website.

How Much Money Am I Eligible for with a First Home Grant?

The amount of money you are eligible to receive differs depending on the type of home you buy. For existing homes, you will be eligible for $1,000 for each of the three (or more) years you've paid into KiwiSaver. The maximum grant you are eligible for is $5,000 for five or more years.

If you buy a new home or the land to build a new home on, you are eligible for $2,000 for each of the three (or more) years you've paid into KiwiSaver. The maximum amount you can receive is $10,000 for five or more years.

How Do I Apply for a First Home Grant?

You can apply for a KiwiSaver First Home Grant through Kāinga Ora - Homes and Communities. You can apply for either:

• A pre-approval before you start looking for a property to buy – this gives you certainty around eligibility and how much you may qualify for or;
• A grant approval if you've found a property and have a signed sale and purchase agreement.

Crockers strongly recommends you apply for pre-approval. This will take the guess work out for you and helps speed up the process.
You can apply for a First Home Grant online.

Buying Your First Home

There’s a lot to consider when buying your first home. Take a look at our helpful articles on Buying Old or New, Should I Use A Mortgage Broker? and Crockers Guide To Buying An Apartment before you start your search.

It’s worth noting that a property purchased using a First Home Grant cannot be used as a rental property unless you have lived in it as your principal place of residence for at least six months from settlement date for existing properties, or when code of compliance is issued for new builds. 

How Can Crockers Help?

If you’re looking to buy a new investment property or are after some straightforward and practical advice on property management issues, contact the Crockers Property Management team at pm@crockers.co.nz