Buying your first home with the government HomeStart grant
What is the HomeStart grant?
As a first home buyer, you want to get all the help you can get to maximise your borrowing potential.
If you’ve been contributing to a KiwiSaver for at least three years, you may be eligible for the government’s HomeStart grant.
The HomeStart grant assists first time buyers of existing homes by providing you with up to $5,000 to put towards your new home. If you’re planning on sharing your new home with your partner the grant doubles to $10,000.
If you’re looking at building your own home the HomeStart grant looks even better. It’s up to $10,000 for singles and $20,000 for couples. Sounds pretty good right? Like anything in life, there is a catch and getting your hands on the HomeStart grant of course hinges on a set of eligibility criteria.
Who is eligible?
Like any government scheme, there are a myriad of criteria, exclusions and exemptions to factor in if you’re looking at applying.
There are the obvious questions; are you 18 and currently not a home or land owner? There are further restrictions, such as limits on the property value you are purchasing depending on the location in NZ. Your income level will also help determine whether or not you qualify.
The grant also only applies to some property and land arrangements and has rules around what size of deposit you already need and where it comes from.
If you’re buying a new property, it’s important to understand what is considered new. Whether you’re buying off the plan or purchasing an existing home, we can talk you through the different definitions of ‘new’ and how the grant can work for you.
Get in touch to find out more about how the KiwiSaver HomeStart grant works and if you’re eligible.
If you’d like to find out more, please register for one of our first home buyers seminars or download our first home buyers guide here.