After 3 years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. The grants are administered by Housing New Zealand and will be paid to your solicitor.
The two HomeStart grants are:
- For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership.
- For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.
There are maximum values of grants payable for the purchase of a single dwelling, regardless of the number of eligible purchasers:
- $10,000 for the purchase of an older/existing property
- $20,000 for the purchase of a new property
To be eligible for a KiwiSaver HomeStart grant you must:
- Have been contributing the required minimum amount to KiwiSaver for at least three years
- Be 18 years or over
- Be purchasing or building your first home
- Have a deposit that is 10% or more of the purchase price, including the addition of the grant
Note: Income and house price caps will apply. If you've owned a home before, in some circumstances you may still be eligible for a HomeStart grant. Housing New Zealand will need to determine that you are in the same financial position as a first home buyer.