Government assistance

FIRST HOME

Government assistance

Under certain circumstances, the Government will help you to buy your first home. This happens in two ways – the KiwiSaver HomeStart grant and the Welcome Home Loan.

Read more about first homes

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KiwiSaver HomeStart grant

Along with being able to withdraw money from your KiwiSaver account, members are eligible for a grant of up to $5000 each if you meet the following criteria:

  • Have contributed at least 3% of your income to KiwiSaver for at least 3 years.
  • Have 10% deposit including the grant.
  • Have a before-tax income of less than $85,000 for one person, or less than $130,000 for two or more people, in the 12 months prior to applying.
  • Be planning to live in the house for six months after purchase.
  • Be buying a house under $600,000 in Auckland, $500,000 in other major metropolitan areas, or $400,000 throughout the rest of New Zealand.
  • Or be building a house worth under $650,000 in Auckland, $550,000 in other major metropolitan areas, or $450,000 everywhere else.

If you qualify you are eligible for $1000 per year you have been in KiwiSaver, up to a maximum of $5000. If you’re buying with another person and are both eligible you can get up to $10,000 in total.

If you’re buying a new-built house, or building a new house, you are eligible for $2000 per year you have been in KiwiSaver, up to a total of $10,000, or $20,000 if you’re buying with another person.

Welcome Home Loan

The Welcome Home Loan is offered by specific lenders and supported by Housing New Zealand. It is designed to assist people who can make the payments on a mortgage but are having difficulty saving a large deposit.

With a Welcome Home Loan, you only need a 10% deposit, and your loan is underwritten by Housing New Zealand. To be eligible for the loan you need to meet all of the criteria for the HomeStart grant, except for being a KiwiSaver member, plus the specific lender’s borrowing criteria.