If you’ve contributed to KiwiSaver for three years or more, you can apply for the HomeStart grant or pre-approval for a HomeStart grant (valid for six months).
If you are purchasing an existing/older home, the HomeStart grant is $1,000 for each year of contribution to the scheme:
3 years of contributing = $3,000 (the minimum you can get)
4 years of contributing = $4,000
5 years of contributing = $5,000 (the maximum you can get).
If you are purchasing a new home, a property bought off the plans, or land to build a new home on, the HomeStart grant is $2,000 for each year of contribution to the scheme.
3 years of contributing = $6,000 (the minimum you can get)
4 years of contributing = $8,000
5 years of contributing = $10,000 (the maximum you can get)
A home which received its building code compliance certificate fewer than six months before Housing New Zealand receives a KiwiSaver HomeStart grant application is also considered a new home. You need to live in the house you buy for a minimum of six months from the settlement date.
You can also buy a property with other people who may or may not be KiwiSaver members. If they are members, they too may qualify for a KiwiSaver HomeStart grant. However, regardless of the number of eligible KiwiSaver members purchasing a home together, no more than $10,000 worth of grants will be paid for the purchase of an existing/older property and no more than $20,000 for a new home or for the purchase of land on which a home will be built.
House price and income caps apply so check your eligibility on the Housing New Zealand website.