Guide to Kiwisaver and Kainga Ora
First Home schemes
What's available to me?
There are a number of government schemes available to First Home Buyers (or those in a similar position as a first home buyer). Most of these are administered by Kainga Ora and your friendly My Mortgage advisers have access to all of them!
Each scheme is slightly different and some can be used in conjunction with each other so it’s important to chat to your mortgage adviser to make sure you are taking advantage of what’s available to you.
The criteria varies across each scheme so we've outlined the schemes below along with the criteria for each.
Kiwisaver
Kiwisaver is a voluntary savings scheme that the New Zealand Government setup to help people save for retirement. One of the exceptions to withdrawing Kiwisaver early is to put towards your first home purchase.
First Home Grant
If you’ve been contributing to your Kiwisaver for at least three years, you may be eligible for a ‘First Home Grant’ to further boost your deposit. This is a non-repayable grant reserved for First Home Buyers.
First Home Loan
Most lenders require a 20% deposit, but with the ‘First Home Loan’ scheme you can apply for a loan with as little as 5% deposit. This is reserved especially for First Home Buyers who meet certain criteria - There's more info below but chat to an adviser if you're unsure!
First Home Partner (Currently On Hold)
First Home Partner is a shared ownership scheme to help aspiring first-home buyers. This scheme is currently on hold and not available to apply for. We'll keep this page updated with any changes!
So...What do I qualify for?
Each Kainga Ora First Home scheme is slightly different and targets those with different needs - It's important to understand what you qualify for and its always worth double checking with your adviser as the rules can sometimes be a little overwhelming! Here's a brief summary of criteria for withdrawing Kiwisaver for your first home and each Kainga Ora First Home scheme below...
Kiwisaver
You may be eligible if you...
Are 18 Years old or Over
Are a 'First Home Buyer' who has not owned property before*
Have not withdrawn your Kiwisaver before
Intend to live in the home you will purchase
First Home Grant
You may be eligible if you...
Are 18 Years old or Over
Have been in Kiwisaver for at least three years
You intend to live in the property you wish to purchase
The home is within the 'House Price Caps' for the region you are buying in (more info below)
Are buying your first home
Earn less than $95K as an individual applicant
Earn less than $150K an an individual applicant with one or more dependants (children)
Earn less than $150K for two or more applicants
First Home Loan
You may be eligible if you...
Are 18 Years old or Over
Are a 'First Home Buyer' who has not owned property before*
Have been in your field of employment for 12 or more months
Intend to live in the home you will purchase
Earn less than $95K as an individual or $150K for two or more buyers
First Home Partner (Currently On Hold)
This scheme is currently on hold and not available to apply for. We'll keep this page updated with any changes!
You may be eligible if you...
Are 18 Years old or Over
Intend to live in the property you wish to purchase for at least three years
Are buying your first home
Have at least a 5% deposit
Have a total household income of no more than $150K - Some exceptions may apply to this rule if you are applying with other family members
First Home Grant - House Price Caps
See below house prices caps to determine your eligibility for the First Home Grant. This means you would need to purchase a property for the amount below (or less) within the associated region. An existing home means a house that is already built (i.e. not new) and a new property is a newly built home (must not have been lived in and had code compliance certificate issued within the last 6 months).
Region | Existing Property | New Property |
|---|---|---|
Far North District | $400,000 | $675,000 |
Whangārei District | $600,000 | $800,000 |
Kaipara District | $525,000 | $875,000 |
Auckland | $875,000 | $875,000 |
Thames-Coromandel District | $875,000 | $925,000 |
Hauraki District | $550,000 | $650,000 |
Matamata-Piako District | $625,000 | $800,000 |
Hamilton Urban Area (Hamilton City, Waipā District, Waikato District) | $650,000 | $775,000 |
Ōtorohanga District | $400,000 | $650,000 |
South Waikato District | $400,000 | $650,000 |
Waitomo District | $400,000 | $650,000 |
Taupō District | $575,000 | $825,000 |
Tauranga Urban Area (Tauranga, Western Bay of Plenty District) | $800,000 | $875,000 |
Rotorua District | $525,000 | $650,000 |
Whakatāne District | $500,000 | $800,000 |
Kawerau District | $400,000 | $650,000 |
Ōpōtiki District | $400,000 | $650,000 |
Gisborne District | $450,000 | $650,000 |
Wairoa District | $400,000 | $650,000 |
Napier-Hastings (Napier City, Hastings District) | $625,000 | $825,000 |
Central Hawke's Bay District | $500,000 | $650,000 |
New Plymouth District | $525,000 | $675,000 |
Stratford District | $400,000 | $650,000 |
South Taranaki District | $400,000 | $650,000 |
Ruapehu District | $400,000 | $650,000 |
Whanganui District | $425,000 | $650,000 |
Rangitikei District | $400,000 | $650,000 |
Manawatū District | $525,000 | $650,000 |
Palmerston North City | $575,000 | $700,000 |
Tararua District | $400,000 | $650,000 |
Horowhenua District | $525,000 | $650,000 |
Wairarapa (Masterton District, Carterton District, South Wairarapa District) | $600,000 | $800,000 |
Wellington Urban Area (Kāpiti Coast District, Upper Hutt City, Porirua City, Lower Hutt City, Wellington City) | $750,000 | $925,000 |
Nelson-Tasman (Nelson City, Tasman District) | $650,000 | $875,000 |
Marlborough District | $550,000 | $650,000 |
Kaikōura District | $700,000 | $700,000 |
Buller District | $400,000 | $650,000 |
Grey District | $400,000 | $650,000 |
Westland District | $400,000 | $650,000 |
Hurunui District | $425,000 | $650,000 |
Christchurch Urban Area (Waimakariri District, Christchurch City, Selwyn District) | $575,000 | $775,000 |
Ashburton District | $400,000 | $650,000 |
Timaru District | $400,000 | $650,000 |
Mackenzie District | $500,000 | $650,000 |
Waimate District | $400,000 | $650,000 |
Waitaki District | $400,000 | $650,000 |
Central Otago District | $525,000 | $800,000 |
Queenstown-Lakes District | $875,000 | $925,000 |
Dunedin City | $500,000 | $675,000 |
Clutha District | $400,000 | $650,000 |
Southland District | $500,000 | $650,000 |
Gore District | $400,000 | $650,000 |
Invercargill City | $400,000 | $650,000 |
Note that all information is correct as of September 2023 - Please refer the the Kainga Ora website for all up to date information.
*There is an option for Second Chance First Home buyers, if you have owned property before but you are in the same position as a first home buyer in that you have less than 20% of the value of the property you would like to buy in realisable assets (cash, shares, investments, boats/caravans, vehicles not used as your normal form of transport, etc)