First Home Buyers
To assist with the purchase of your first home, you are entitled to withdraw funds from your KiwiSaver account. You must have been in a KiwiSaver fund for a minimum of 3 years. $1,000 must remain in the account.
In addition, you may be entitled to the KiwiSaver Home Start Grant. This provides you with $1,000 per person per year, with a maximum of $10,000 for an existing house. For a new build, the entitlement is $2,000 per person per year, up to a maximum of $20,000.
Some of the major banks offer a Welcome Home Loan enabling first home buyers to buy a house with only 10% deposit. Your KiwiSaver and your Home Start Grant can form part or all of your deposit.
To quality for both the KiwiSaver Home Start Grant and the Welcome Home Loan:
The maximum value of the home you purchase in Auckland can be no more than $600,00 for an existing home, or $650,000 for a new home. These price caps are lower in other parts of New Zealand.
Your income to be no more than $85,000 for an individual or $130,000 for a two or more buyers
You must live in the house for a minimum of 6 months, therefore cannot be used for an investment property.