Home Buyers Guide.
What is available for first home buyers in New Zealand?
There are a number of great initiatives to look into including the following:
There is some excellent information on the Canstar website, including some of the incentives and grants on offer for first home buyers in New Zealand.
QUICK LINKS
Resources | KiwiSaver | First-Home Grants | First Home Loans | Your banking service provider | Sorted
Home Ownership Resources
Kainga Ora administers a number of government programmes to assist first home buyers (and also some previous homeowners) on to the home ownership ladder.
KiwiSaver First-Home Withdrawal
If you have been a member of KiwiSaver for at least 3 years, you may be able to make a withdrawal from your savings to put towards buying your first home.
First Home Grants
If you’ve been contributing to your KiwiSaver for at least 3 years you may be eligible for a First Home Grant of up to $10,000 to top up your deposit.
In the Wellington Urban Area the cap for new build properties is $925,000 – this includes Kāpiti Coast District, Upper Hutt City, Porirua City, Lower Hutt City, Wellington City – as at 19 May 2022.
First Home Loan
The First Home Loan is a financial support program offered by Kainga Ora. Most banks usually require a minimum 20% deposit for a home – a First Home Loan lowers the requirement to a 5% deposit.
In May 2022, house price caps were removed entirely from the First Home Loan.
Your Banking Service Provider
It’s also a great idea to take a look directly at your banking service provider’s website for first home buyers’ information. ANZ has a ‘Free Home Buyer Handbook’ with over 40 pages of information that you can download from their website for free.
Its also important to note that some mortgage providers offer special deals for first home buyers, so it’s worth doing some research and shopping around to find a bank that is offering a good deal.
Check out information from the major New Zealand banks below, and if your bank is not on the list below, simply type into Google ‘first home buyer + your bank’s name’ and do a search.
ANZ
The home buying process can be challenging. But with the right help, you can move through each step with confidence.
BNZ
Buying your first home is likely to be your biggest purchase yet, and can be a daunting process. We’re here to help you understand every angle, every step of the way.
ASB
Thinking about your first home but not sure where to start? Explore our comprehensive first home buyers guide, with helpful resources for every stage of your home ownership journey.
Kiwibank
Need help navigating your way into your first home? Our specialists, tools, and guides can help you through the maze of saving a deposit, getting conditional approval, making an offer and choosing the right loan structure.
Westpac
The idea of owning your own home is exciting! We're here to guide you through your journey, every step of the way.
Sorted
Another great website to check out is Sorted – this is a free service by Te Ara Ahunga Ora Retirement Commission, the government-funded, independent agency dedicated to helping New Zealanders get ahead financially.