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The KiwiSaver HomeStart Grant for First Home Buyers

By Rochelle Tipler

If you’re talking to a first home buyer who may be in doubt on how they can finance their first home, our in-house mortgage broker can bring them up to speed about the KiwiSaver HomeStart grant that could be the answer they are looking for.

What is KiwiSaver?

KiwiSaver is a voluntary savings scheme, designed to help Kiwis save for retirement. Contributions come from their own wages and from an annual government contribution, as well as the returns from investments. If you’re self-employed, you can negotiate contributions with your KiwiSaver provider.

How your client can access the KiwiSaver HomeStart grant?

Eligible first home buyers who have contributed to their KiwiSaver for at least three years may be entitled to the grant. This includes $1,000 for each year of contribution to the scheme for example:

  • 3 years – $3,000 (the minimum they can get)
  • 4 years – $4,000
  • 5 years – $5,000 (the maximum they can get)

And if they are building a new home, have bought off the plan or land, it’s even better news at $2,000 for each year a contribution has been made with a max of $10,000 (which isn’t too bad at all).

If you or your client have any questions about the KiwiSaver HomeStart grant and the eligibility criteria, talk to Carie Townley, our inhouse Loan Market Mortgage Broker, today.

Source: Loanmarket.co.nz, 25 September 2018.

Carie Townley is an experienced Loan Market mortgage broker with over 14 years in industry. She works with her clients on debt consolidation and securing them the best loan possible – whether it be for their own home or an investment property, and specialises too in with working with the self-employed and first home buyers. As one of the largest home finance brokerages in Australasia, Loan Market enjoys industry links and contacts that mean they are better placed to negotiate on your behalf with major banks and secure lenders – with access to over 800 home loans from a panel of 30 lenders. 

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