Joint first home owners eligible for grants

Joint first home owners eligible for grants
By Scott Bentley


Joint first home owners eligible for grants

It’s good news if you want to buy your first home with a friend or family member. From 1 October, you and your prospective co-owner can apply for a HomeStart grant of up to $10,000.

 
If you have been in a KiwiSaver scheme for three years or more, making regular contributions, you can apply for a grant through Housing New Zealand.
 
In addition, if you’re buying in partnership with others, and they meet the criteria, they too can apply for a grant.
 
If you’re buying an existing home, you can receive $1,000 for each of the three or more years you’ve been paying into your KiwiSaver. This is capped at $5,000 if you’ve been a KiwiSaver member for more than five years.
 
Your property partner can also apply for a grant, so you can pool the grants to provide you with a deposit for your first home, capped at a total of $10,000 for an existing property.
 
The incentive is doubled if you decide to buy a new home or land, with $2,000 for each year in KiwiSaver, capped at $10,000. This applies to other co-owners as well. Again, the combined grants are capped at $20,000 for a new home or land for a new home.
 
Housing New Zealand administers the process, and they strongly urge people wanting to apply for the HomeStart grant to apply for pre-approval. This is an excellent recommendation because once you have approval, you will have certainty about your financial position before you start your property search.
 
Pre-approvals are valid for six months.
 
Contact us at First National Marlborough and we will assist you through the process of getting into your first home. We would be pleased to assist you.