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First Home Buyer Guide — Grants, Schemes, and Tax Rules in NZ

the first home buyer grants and schemes in New Zealand. The guide covers the First Home Grant (the "Kāinga Whenua" loan), the First Home Partner scheme (the "shared equity"), the KiwiSaver first home withdrawal, and the tax implications of the home purchase.

First Home Grant and KiwiSaver

The First Home Grant (the "Kāinga Whenua" loan) provides up to $10,000 for the existing homes and up to $20,000 for the new builds for the individuals who have contributed to the KiwiSaver for at least 3 years. The grant is means-tested — the income cap is $95,000 for the single buyers and $150,000 for the joint buyers. The house price caps vary by the region (from $350,000 to $600,000 for the existing homes and up to $650,000 for the new builds). The KiwiSaver first home withdrawal allows the members to withdraw the member contributions (not the employer contributions or the government contribution) for the first home purchase.

First Home Partner (Shared Equity)

The First Home Partner scheme (the Ministry of Housing and Urban Development "shared equity" programme) provides the shared equity loan of up to 25% of the purchase price (up to $200,000) to the eligible first home buyers. The participants must have the KiwiSaver balance of at least $5,000 and meet the income and the house price caps. The Crown holds the equity share and the participant can buy out the share over time at the market value. The scheme is administered through the Kāinga Ora (the Housing and Communities agency).