This will depend on a number of factors including:
- How long you have been contributing to KiwiSaver (of at least the minimum allowable percentage of your total income). If you are a non-earner, there are specific rules about hoe much you must contribute, based on the minimum adult wage for a 40 hour week.
- What your income is when you purchase your first home
- What the value of your house is (this depends on the location of the house you are purchasing.)
- You have to be aged 18 or over.
This grant provides $1,000 a year for each year that an eligible person has been a contributing member of KiwiSaver, to a maximum of $5,000. From 1st April 2015 these subsidies will double to $2,000 a year with a maximum of $10,000 if you are building a first home.
Some previous house buyers may also be eligible to withdraw their funds and for the first home grant.
Housing New Zealand determine the eligibility of previous home owners for both the grant and whether they can withdraw their KiwiSaver funds. In addition to the above criteria, a previous house owner cannot have realisable assets totalling more than 20% of the house price cap for the area that they are buying in.