Good News For First Home Buyers
An increased grant for newly built homes
The KiwiSaver HomeStart grant will replace the KiwiSaver First Home Deposit Subsidy on 1 April 2014. What does this mean for you?
KiwiSaver will continue to provide eligible first home buyers with money for a deposit on an existing home. Individuals will receive a grant of up to $5,000, and up to $10,000 for couples. Even better though – under the new KiwiSaver HomeStart scheme, individuals and couples can receive more if they build or purchase a new home. Individuals can receive $10,000 for a new home, while couples may get up to $20,000.
What is considered a ‘new home’ when applying for the grant?
- The purchase of a vacant residential section (where you plan to build a house)
- A house and land package, or apartment, purchased off the plans
- A newly built property, provided that it received its building code compliance certificate less than six months before the date of the buyer’s application.
If you know someone who wants to purchase their first home, put them in touch with me and I’ll explain what the changes to KiwiSaver mean for them.