first home grant nz

Use our mortgage calculator to work out your costs. This will cost between $400-800, depending on the property’s size.



from your First Home Grant approval/ pre-approval amount, you have already paid towards the property, money in bank accounts (including fixed and term deposits), investments in banks or financial institutions, other vehicles (such as classic motorbikes or cars that aren't your usual mode of transport), other individual assets valued over $5,000.  | By

With SBS Bank the application fee is waived. 18 June 2020

It’s a good idea to look into the First Home Grant when you start looking for a property to buy, because you can’t apply for it after you have bought.

Additional fees and charges may also apply.

If you’re a first-time buyer and you’ve been making regular KiwiSaver contributions for at least 3 years, you may be able to apply for a First Home Grant (previously KiwiSaver HomeStart Grant) through Kāinga Ora. A lawyer can check over these documents and look for any issues.

To be eligible for the First Home Loan and/or the First Home Grant, you must have been contributing to your KiwiSaver for 3 years or more. The First Home Grant has almost exactly the same eligibility which is why it is so often confused with the First Home Loan. There’s no better feeling than getting the keys to your very first home - being able to stamp your own mark and fulfill your dreams for the future. Apply for a First Home Grant. How does the First Home Grant process differ from the KiwiSaver withdrawal process? Note that you must commit to living in the property for a minimum of 6 months.

The criteria is slightly stricter than a normal bank but you will get a pre-approval when the main banks are unable to lend.

Lending Standard Contract Terms  and Credit Fees and Charges apply to First Home Loans too and are also available on request and free of charge from any branch of SBS Bank.

We’re not going to tell you to give up avocado on toast or get all preachy about how it’s easy to buy your first home if you swap your morning latte for a cup of instant coffee. Unfortunately, there are some extra costs to factor in on top of the deposit and your shiny new mortgage.
If you qualify, we will also waive our Loan Application Fee (in respect of the qualifying lending). Some traps we have seen people fall into with this is: So be sure that you know when the Code of Compliance was issued and who you are buying from. your income can’t exceed a certain amount in the past 12 months, $85,000 for 1 applicant, $130,000 for 2 or more applicants, the house you are buying must be below a certain amount, if you are buying an existing home, the amounts are $600,000 for Auckland, $500,000 for most major cities, $400,000 for the rest of the country, if you are building a brand new home, the amounts are $650,000 for Auckland, $550,000 for most major cities, $450,000 for the rest of the country, the developer has had trouble selling the property and so the Code of Compliance was issued over 6 months ago = no longer classed as a new build, the developer sold it to someone who is onselling it = no longer classed as a new build, contributing but not the minimum 3%. If you have questions before you apply, you can: phone us on 0508 935 266; email us at firsthome.enquiries@kaingaora.govt.nz. This often happens to self-employed people who are contributing the standard $20 per week to receive the, note that a self-employed person can make a one-off deposit of 3% of their salary.

We also have some great home loan options for our standard residential lending if you don't qualify for the Kāinga Ora - Homes and Communities assistance so give the team a call and we can start talking about getting you into your first home!

Learn about sale and purchase agreements, different buying methods and multi-offers so you can make an informed decision.

The suppliers that we work with are Westpac, Co-Operative Bank and SBS. This amount doubles if you are buying a new home and is per person.

The bigger the deposit you can save, and the faster you can pay back the money borrowed, the less you will pay in interest over time. Talk to your KiwiSaver provider for confirmation of this.

The real estate agent or seller may have prepared a recent property report but you should always do your own research. If you're a first-time home buyer, or a previous home owner and you've been making regular KiwiSaver contributions for at least three years, you may be eligible for a First Home Grant of up to $10,000 through Kāinga Ora - Homes and Communities. In other words, you could receive up to $20,000 if 2 people have both been in KiwiSaver for at least 5 years and are purchasing a new home. non-earners not contributing. from your KiwiSaver first-home withdrawal.

Understanding a LIM, and other documentation about a property, such as the legal title, can be tricky. Given that they’ve been contributing for 5 years each, most of this would presumably be from the first home withdrawal but could be gifted from the close family member.

Additional fees and charges may also apply. The First Home Loan is a facility that allows you to have more options when applying for a mortgage with less than 20% deposit. The First Home Loan, supported by Kāinga Ora – Homes and Communities (formerly HNZC) is an initiative to make access to home ownership even easier for everyday New Zealanders. Calculations are based on the interest rate(s) being constant for the term of the loan(s). First home buyers can often get tangled up in the pile of new concepts to learn.

For most people looking to buy a first home in New Zealand, the process starts with saving a deposit (usually about 20% of the property’s total value) and taking out a home loan or mortgage to cover the rest.

This needs to be the only property you own. The grant is money that is given by Kainga Ora to first home buyers to help boost their deposit. How much you can borrow depends on your lender, your income, where you live in New Zealand and what you can afford. Pre-approvals are valid for 6 months – if you have not bought a home in that time you will need to reapply. It’s free to look for a house to buy, but checking one out properly costs money. Previously, we’ve looked at the difference between First Home Grants and KiwiSaver.

The amount that you receive as a grant depends on how long you have been in KiwiSaver; you can see how this gets confusing. With Covid-19 lockdowns, working from home has become the new norm. Paying experts to help you might seem expensive, but it’s a good investment in the long-term. HomeStart helps people buy their first home, but if you’ve owned a home before you might still qualify.

 |  If you’re not sure where to start, our mortgage calculator will be a big help.

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