First Home Grant Eligibility

The First Home Grant provides eligible first home buyers with up to $5,000 for individuals to put towards the purchase of an existing or older home or up to $10,000 to put towards the purchase of a brand-new home.

The First Home Grant is administered by Kāinga Ora, and the KiwiSaver first-home withdrawal is administered by your KiwiSaver scheme provider.

Here are the criteria for applicants to be eligible:

• Be over 18 years old.
• Be a first home buyer or a previous homeowner in a similar financial position to a first home buyer.
• Have contributed 3% of your annual income, or $1,000 annually, to your KiwiSaver scheme (or complying fund or exempt employer scheme) for at least 3 years.
• Have an income of $95,000 or less (before tax) from the last 12 months for an individual buyer without dependents or have an income of $150,000 or less (before tax) from the last 12 months for an individual buyer with one or more dependents or have a combined income of $150,000 or less (before tax) from the last 12 months for two or more buyers regardless of the number of dependents.
• Be in a financial position to contribute a minimum deposit of 5% towards the home purchase (inclusive of all savings, grants, first-home withdrawals, and gifts).
• Be buying the home for you to live in as your primary place of residence.
• Commit to living in the home for at least 6 months from the settlement date or from when the code compliance certificate is issued.
• Be purchasing an equal share in the home proportionate to the number of buyers.

If you have any questions or would like more information, reach out to us at service@cavefinancial.co.nz or phone 09 302 7310.