This is a one-off payment from the government to put towards your purchase. You can choose between a pre-approval grant (valid for six months so you can start looking) or a full-approval grant (if you’ve found your future home and have a signed sale and purchase agreement).
The amount of the grant will vary depending on how long you’ve been contributing to KiwiSaver and whether you’re buying an existing property or a new build (this also includes the purchase of land).
Existing property grant
- 3 years contribution: $3,000 (min.)
- 4 years contribution: $4,000
- 5+ years contribution: $5,000 (max.)
New build (or land) grant
- 3 years contribution: $6,000 (min.)
- 4 years contribution: $8,000
- 5+ years contribution: $10,000 (max.)
Two or more borrowers can combine their first home grants. For example, a couple who’ve both contributed to KiwiSaver for five years could be eligible for grants totaling $20,000.
If the pre-approval grant expires before you’ve bought a property, you will need to re-apply for it.