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First Home Buyers Grant

Home First Home Buyers Grant
The NZ government provides a “First Home Buyers Grant” known as the “HomeStart Grant” which is available for many first home buyers.

This is a non-repayable grant of up to $20,000 per couple, or $10,000 per individual, that can be used towards a home.

What is the HomeStart Grant?

The HomeStart Grant is administered by Housing New Zealand. It is available for the purchase of certain types of properties on the open market. You do not need to buy a state house as such to get it. Rather, it is available for houses, new developments, and so on.

The Grant is largely targeted towards lower priced properties to help families get a head start on the property ladder if buying a cheaper property. The income is arguably midrange, with a limit of $130,000 per couple or $85,000 per individual at the time of writing. Check the HomeStart Grant website for more information.

Do you have to pay back the grant?

No. The grant is essentially a “gift” from the government, so you do not normally pay it back.

What kind of property can you buy?

It’s important to read the HomeStart Grant website for clarification on this. Generally there are limits on how much the house can cost. The grant can be used for different types of houses. The grant is much larger if you are buying a newly built house, so this is why a lot of people prefer to buy newer houses.

Because of the house price limitations, in Auckland you may find you are able to get a small house, a townhouse, or an apartment. Outside of Auckland, you may be able to get a larger house. It does depend.

How do you apply for the HomeStart Grant?

You should discuss how to do this with a suitably qualified financial adviser. Not all mortgage brokers have experience with the HomeStart Grant. We have plenty of experience helping first home buyers get the HomeStart Grant. The paperwork can be complicated, and we are here to help.

The grant is usually administered by Housing NZ. The application process will also check other factors such as how long you have been in KiwiSaver for, your identity, your income, and other matters. It will also go through Housing NZ’s checking process.

What to do next

Contact us if you’re interested in buying a house with the HomeStart grant. We are here to make the process easy.

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