First Home Grant NZ: Complete Guide for First-Time Buyers
2024-04-28
Educational content only. Rules and tax laws change over time; verify official sources.
The New Zealand government will give you up to $10,000 toward your first home - but most people don't know how to qualify or maximize it.
What is the First Home Grant?
Kāinga Ora provides grants to first home buyers:
- Existing home: $1,000 per year of KiwiSaver contribution (max $5,000)
- New build: $2,000 per year of KiwiSaver contribution (max $10,000)
A couple buying a new build could get up to $20,000 combined!
Eligibility Requirements
- KiwiSaver member for 3+ years
- Income cap: $95,000/year single, $150,000/year for 2+ buyers
- First home buyer (or in similar financial position)
- Price caps: Varies by region (see below)
- Must live in the property
Regional Price Caps (2024)
- Auckland: $875,000 existing / $925,000 new
- Wellington, Hamilton, Tauranga: $750,000 / $800,000
- Christchurch, Queenstown: $650,000 / $700,000
- Other regions: $550,000 / $600,000
Maximizing Your Grant
1. Start KiwiSaver Early
You need 3+ years in KiwiSaver to qualify. The grant is $1-2k per year, so 5 years = max grant.
2. Consider New Builds
New builds give you $2,000/year vs $1,000/year for existing homes - double the grant.
3. Buy With a Partner
Two eligible buyers = two grants. A couple could get $20,000 for a new build.
4. KiwiSaver Withdrawal
You can also withdraw your KiwiSaver balance (minus $1,000) for the deposit. Combined with the grant, this could be $50,000+.
Step-by-Step Process
- Check eligibility on Kāinga Ora website
- Get pre-approval from your bank
- Find a property within price caps
- Apply for the grant through Kāinga Ora
- Grant is paid directly to your solicitor at settlement
Calculate Your Home Buying Power
Use our calculator to see how the First Home Grant affects your finances.
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