KiwiSaver » KiwiSaver Features » First home deposit subsidy
KiwiSaver
- Compare KiwiSaver Providers
- KiwiSaver Features
- KiwiSaver Legislation
- Membership
- Member Contributions
- Selecting a Scheme
- Providers
- Crown Subsidies for KiwiSaver Members
- Employer Contributions
- Withdrawals
- Existing Superannuation Schemes
- Savings withdrawal to buy your first home
- First home deposit subsidy
- KiwiSaver Scheme Providers
- Employer Obligations & Options
- Managing KiwiSaver as a part of Remuneration
- Shareholder Employees
- Choose a preferred KiwSaver Scheme
- Employee Obligations & Options
- Selecting a KiwiSaver Scheme
- What happens Next
- Self Employed or Sole Trader
- What if you are not Employed
- KiwiSaver Resources
- KiwiSaver Glossary
First home deposit subsidy
After 3 years of contributing to KiwiSaver, you may be entitled to a first home subsidy. The subsidy is administered by Housing New Zealand.
What the deposit subsidy is worth
The first home deposit subsidy is $1,000 for each year you've been contributing to KiwiSaver, up to a maximum of $5,000 for five years.
If you're a couple buying a house together and you both qualify for a subsidy, you could receive a combined subsidy of up to $10,000.
Getting a subsidy from Housing NZ
To be eligible for the first home subsidy, you must:
- have contributed at least 2% of your income to a KiwiSaver scheme, or a complying superannuation scheme, for at least 3 years. Government has signaled in its May 2011 Budget that if a National Party led government remains in power after the 2011 election, then the minimum regular contribution for members will increase to 3% of gross wage or salary from 1 April 2013.
- be buying your first home*
- be planning to live in the house for at least 6 months.
Income and house price caps will apply.
* If you've owned a home before, in some circumstances you may still be eligible for the first home subsidy. Housing New Zealand will need to determine that you are in the same financial position as a first home buyer.
To find out more, visit the Housing New Zealand website or call them on 0508 935 266.