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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  • Have not withdrawn your Kiwisaver before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. 

Check your eligibility or apply now!

If you're unsure whether you qualify or just want to check if you're ready to apply for a home loan using one or more of the above schemes, fill in your details below and one of our friendly advisers will be in touch!

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*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) 

 

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