First Home Grant: Who Qualifies and What You Get
Learn how to access up to $10,000 in grant money to help with your home deposit if you are a first-time buyer in New Zealand.
The First Home Grant is a financial contribution designed to help people who are buying their very first home. It is intended to assist those entering the property market by providing extra funds for a deposit.
Who it's for
This scheme is specifically for first-time buyers. To qualify for the support, you must meet certain criteria regarding your household income and the price of the property you intend to purchase. Because the scheme is targeted at those who need help entering the market, there are specific income and house price caps that must be met to ensure the funds reach those who qualify.
What you get
If you meet all the eligibility requirements, you can receive a grant of up to $10,000. This money is intended to be used toward your deposit, helping to bridge the gap between your savings and the amount needed to secure your first home.
What it costs you
While the grant itself is a contribution to your deposit, there are requirements you must have met beforehand to be eligible. Specifically, you must have been making regular contributions to KiwiSaver for at least 3 years. This ensures that you have a proven history of saving for your future home through the KiwiSaver scheme.
The catch to know
The most important thing to keep in mind is that strict house price caps apply. This means the grant is not available for every property; the home you are buying must fall within the specific price limits set by the government. You should verify the price limits for your specific area before you begin your search to ensure the property you are looking at still qualifies.
How to apply
- Verify that you meet the income requirements and the house price caps for your area.
- Confirm that you have been making KiwiSaver contributions for at least 3 years.
- Gather any necessary documentation regarding your income and your intended property purchase.
- Submit your formal application through the official portal.