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KiwiSaver HomeStart Grant: Update


Wealth Works Authorised Financial Adviser, Bonard Metahysa shares the latest KiwiSaver updates including good news for first-home buyers...

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Thinking about accessing your KiwiSaver for your first home deposit? Then keep reading. The latest changes to the KiwiSaver HomeStart grant are in your favour. 

Providing that you’ve been contributing to KiwiSaver for three years then you may be eligible for the KiwiSaver HomeStart grant. With grants available for couples of up to $10,000 for an existing home and up to $20,000 for a new-build, it’s worth looking into. So, what's changed?

Income Cap
Under the previous rules, an individual who earned below $80,000 a year (or $120,000 for a couple) could access their KiwiSaver HomeStart grant funds. This income cap has now increased to $85,000 and $130,000 (before tax) respectively. 

House Price
The house price cap of $550,000 for Auckland, $450,000 in major cities, and $350,000 for the rest of New Zealand has increased by $50,000. The new levels are $600,000 for Auckland, $500,000 in major cities, and $400,000 for the rest of New Zealand. 

Additionally, a new house price cap has been added. This price cap is for new properties such as off the plan purchases, house and land packages, the purchase of land on which a new property will be built or a newly built property where the code compliance certificate has been issued within the last six months. These caps will be set at $650,000 (Auckland), $550,000 (major cities), and $450,000 for the rest of New Zealand.

If you’ve owned a house before, in some circumstances you may still be eligible for a HomeStart Grant. Read all about Second Chance Homebuyer options here. 

Are you eligible for the KiwiSaver HomeStart Grant? 
Get in touch today to find out 09 306 5820
Bonard Metahysa | bonard@wealthworks.co.nz

 
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