First Home Grant

The First Home Grant can be a huge helping hand for buyers looking to get their foot on the property ladder. Available to first home buyers who meet the eligibility criteria, the First Home Grant is a one-time contribution from the Government. You could receive up to $20,000 to put towards your deposit. What’s more, you don’t have to pay it back!

Solution Street understands the financing challenges first home buyers can face, which is why our team can offer assistance with the First Home Grant to help you start strong – we’ve read all the fine print and broken it down into some easy to understand eligibility criteria:

Are you eligible for a First Home Grant?

If you’re buying your first home and you’ve been making regular contributions to your KiwiSaver for at least 3 years, you may be eligible for a First Home Grant of up to $10,000.

To be eligible, you must first answer “no” to the following questions:

  • Do you own any other properties or land?
  • Have you received any government grants in the past to help with buying a property?

Secondly, you need to answer “yes” to the following questions:

  • Are you a KiwiSaver member?
  • Have you been making at least the minimum amount in contributions to KiwiSaver for at least 3 years? (the minimum amount is 3% of your salary and the 3 years don’t have to be consecutive)
  • Do you have a household income (before tax) of less than $85,000 a year for single buyer, or $130,000 a year for couples?
  • Is the property you want to purchase under the price cap for your region? (more on this below)
  • Are you planning to live in the property for at least 6 months from your settlement date?
  • Do you have a deposit of at least 5% of the purchase price of the property? (this 5% deposit can be made up of a combination of your KiwiSaver, the First Home Grant, money you have saved in the bank or a gift from a family member)

Property Requirements & Price Caps

The First Home Grant can be used to help purchase new builds or existing/older properties up to the value of the price caps in your region.

If you’re buying an existing/older property (one that was built more than 12 months ago), you will receive $1,000 for each of the 3 (or more) years you’ve paid into your KiwiSaver scheme. The maximum grant is $5,000 for 5 or more years if you buy an existing/older property.

However, if you’re buying a new-build property – like one of Solution Street’s 6 Homestar rated homes – you will receive $2,000 for each of the 3 (or more) years you’ve paid into the scheme, and could receive up to $10,000 for 5 or more years when you buy a new-build property.

If you’re buying a new property as a couple, you can each apply for the First Home Grant and combine this towards your deposit, meaning you will receive up to a maximum of $20,000 towards a new-build home.

Solution Street Can Help

The friendly team at Solution Street understand how intimidating all this paperwork can be to first home buyers, which is why we support you through every step of the process, including providing advice on your First Home Grant application. We provide complete, beginning-to-end new-build home solutions, so you can take advantage of the government grants and own your first home! Contact us today for tailored First Home Grant advice and see how we can help turn your dreams of a first home into a reality.