You may be eligible for a $10,000 grant from the government.
Buying a new home?
If 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 you can get $2,000 for each of the 3 (or more) years you have paid into the scheme. The most you can qualify for is $10,000 for more 5 or more years.
In the 12 months before you apply, you must have earned:
- $95,000 or less before tax for an individual buyer
- $150,000 or less before tax for an individual buyer with one or more dependents
- $150,000 or less before tax for 2 (or more) buyers, regardless of the number of dependents.
To be eligible you must
- Be over 18
- 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 caps
- Agree to live in your new house for at least 6 months
- You must also make sure the house or land you want to buy meets the property requirements.
KiwiSaver contribution requirements
- You must have been regularly contributing at least the minimum amount to KiwiSaver for 3 years
- The minimum contribution is currently 3% of your total income or at least $1,000 annually (whichever is lower)
- The 3 years don’t have to be consecutive, as long as they add up to 3 years’ worth of contributions
- Contributions must be made from all your sources of income, not just your main source of income
- If you are a non-earner, you need to make voluntary contributions of at least $1,000 per year in each year that no income was earned
- If you are self-employed or on a benefit and make voluntary contributions, you need to have made contributions at least once a year for 3 years of at least 3% of your annual income or at least $1,000 annually (whichever is lower)
- If you have made a combination of automatic and voluntary contributions, the total amount needs to be at least 3% of your total annual income or at least $1,000 annually (whichever is lower).
The First-home Buyers Grant is different from the KiwiSaver First-home Withdrawal.
Du Val are not Financial Advisors. This information is up-to-date as of 1 March 2023. Please perform your own research before applying for the First Home Grant.
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