KiwiSaver HomeStart Grants

The KiwiSaver HomeStart Grant and KiwiSaver First Home Savings Withdrawal are often confused for each other. They are two different financing vehicles, but you might qualify for both. Our advice today is for a first home buyer’s grant. By using a KiwiSaver membership, you will speed up your journey to buy a house for sale in Te Kauwhata, NZ.

What Is The KiwiSaver HomeStart Grant?

To qualify for a HomeStart grant, you need to consistently contribute towards KiwiSaver for 36 months. You might be eligible for an amount between three and ten thousand dollars subject to the qualifying criteria and the house for sale in Te Kauwhata.

Qualifying Criteria

There are a variety of qualifying criteria that you need to assess yourself against, such as:

Applicant Specific Criteria:

  • The applicant must be older than 18 years of age.
  • The applicant is not currently a home or landowner.
  • No HomeStart grant nor KiwiSaver deposit subsidy has been awarded to the applicant previously.
  • The applicant has a:
    • Valid KiwiSaver scheme membership, or
    • A complying fund membership, or
    • Belongs to an exempt employer scheme.
  • The ‘minimum allowable percentage’ of the applicant’s income has been paid into KiwiSaver, a complying fund or the employer scheme for a minimum of 36 months. The minimum amount is three per cent of:
    • The applicant’s total income, or
    • The minimum wage for non-earners (40 hr/week), or
    • The applicant’s yearly beneficiary benefits.
  • ​The applicant is the sole buyer

Fund Specific Criteria

  • The applicant has only earned up to $85,000 IN TOTAL in the past year (before tax deductions) or $130,000 if there are two applicants.
  • The applicant has 10 percent or more of the house for sale price as a deposit. The deposit can be funded by:
    • The KiwiSaver first-home withdrawal scheme and/or
    • A HomeStart grant amount
    • Savings, fixed and term funds
    • Financial gifts from family members
    • The deposit funds must be not borrowed, secured against property, based on a family guarantee or other sureties, etc.

Property Specific Criteria

  • The following property types and land arrangements qualify:
    • Freehold property
    • Stratum (freehold or leasehold)
    • Cross-lease (freehold and leasehold)
    • Leasehold
    • Maori land
  • The property must be shared in equal portions between the number of applicants.
  • The house for sale price is within the regional house price cap. See the government published caps here.

Grant Sizes For First Home Buyers

Congratulations if you have ticked all the above relevant boxes. The amount you qualify for will be calculated on your contribution to KiwiSaver, and a brand new property pushes that amount up:​

Existing house for sale: $1,000 granted for each year of contributions to KiwiSaver (or other).

Brand new house for sale or land: $2,000 granted for each year of contributions to KiwiSaver (or other) with a maximum of $10,000.

Now you have additional funding, find your ideal house for sale in Te Kauwhata