In New Zealand we have HomeStart Grants available for people that have been regularly contributing to KiwiSaver and who are buying their first home.
What HomeStart Grant Can You Get?
You might be entitled to a HomeStart Grant if you have belonged and contributed to a KiwiSaver scheme for a minimum of 3-years.
The HomeStart Grant you get is then dependant on the number of years you have contributed and you get a larger grant when purchasing a new home as follows;
3-years of contributing = $3,000 for an existing house or $6,000 for a new home
4-years of contributing = $4,000 for an existing house or $8,000 for a new home
5-years of contributing = $5,000 for an existing house or $10,000 for a new home
This is per person, so a couple might be eligible for twice these amounts.
CLICK HERE to use the calculator developed to help you establish if you meet the criteria and estimate the HomeStart Grant that you could be entitled to.
This Is FREE Money For First Home Buyers
The HomeStart Grant is designed to help first home buyers get into their own home and like most grants (or free money) there is some criteria attached to receiving the grant;
- You must be at least 18-years old and the HomeStart Grant is only available for your first home. If you own other property and even a rental property you are not eligible.
- In the last 12-months you must have earned less than $120,000 gross income for a couple or $80,000 for a single.
- The HomeStart Grant is “free money” on the condition that you live in the house for a minimum of 6-months; otherwise you may be required to pay it back.
- The HomeStart Grant is only provided once to buy your first home. This means that if you have previously received the HomeStart Grant or its predecessor (the KiwiSaver Deposit Subsidy) then you may not qualify for a second time, unless you can show that you are in the same financial position as a first home buyer.
- The first home that you buy needs to be purchased below the price caps which are;
$550,000 in Auckland
$450,000 in Western Bay or Plenty, Tauranga, Hamilton, Kapiti Coast, Porirua, Upper Hutt, Lower Hutt, Wellington, Nelson, Tasman, Waimakariri, Christchurch, Selwyn and Queenstown.
$350,000 in the rest of New Zealand.