What is the First Home Grant?

First Home Grants in New Zealand are government initiatives aimed at helping first-time homebuyers. The purpose of the grant is financial support for eligible individuals or couples to assist with their first home purchase, helping to make homeownership more attainable. Applicants must meet specific income thresholds to qualify, ensuring that those with lower to moderate incomes receive the necessary support to enter the housing market.

Regional Variations: The grant amount and eligibility criteria may vary by region, taking into account differences in property prices and affordability across New Zealand, making it accessible to a wide range of aspiring homeowners.

How do I know if I'm eligible for a First Home Grant?

The best place to find the most up-to-date information and to figure out if you're eligible to apply for up to $10,000 towards your first home - visit the Kainga Ora website here: 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. How much you receive depends on things like your income and the type of home you want to buy.

You can apply either before you find a property or after you have had an offer accepted, but we strongly recommend you apply for pre-approval. It takes the guess work out and helps speed up the process.

Once you’ve been pre-approved, you can get on with the task of finding your first home. 

What do I need to know about borrowing and the First Home Grant?

Usually lenders (ie, banks) require a minimum 20% deposit as part of their lending criteria. When you have a First Home Grant from Kainga Ora, your bank will need additional information as part of their lending process. 

As part of the pre-approval process, the bank may need to know that your deposit, or part of it, is made up of the First Home Grant. Talk to your mortgage advisor about this as well, as this may affect who they approach for your lending.

There are many things to consider during the first home buyers process that may not be known by all property professionals and you don't want to get delayed or frustrated with the process - trust that Your Legal has the experience and expertise to effectively manage this process. 

‍Going unconditional and the First Home Grant

The First Home Grant is usually paid to your lawyer’s trust account in time for settlement. As it can take up to 10 working days to be paid it can push out the settlement date. If there is only a short time between going unconditional and settlement Your Legal will help make the process as fast and efficient as possible.

Will there additional legal fees?

As this process requires further legal support to the usual buying process there will be additional costs involved. However, as experts who specialise in legal conveyancing for the first home-buying process, we are committed to making the process as efficient and stress-free as possible.