First Time Buyers

Financial help for first home buyers

Saving towards a deposit and sorting out your mortgage are important first steps on your property journey.

Things can move quickly when buying a house, so it’s a good idea to have a pre-approved home loan before you start looking. Knowing how much you can borrow will help you search for properties in your price range.


If you are a first home buyer you can withdraw KiwiSaver contributions made by you and your employer, returns on investments and government contributions (provided you leave a minimum balance of $1,000) to increase your deposit towards the land price.

KiwiSaver can not be used towards a build contract, only a land contract.

To be eligible to withdraw some or all of your KiwiSaver you must:

  • have been a KiwiSaver scheme member for at least three years;
  • be planning to live in the house for at least six months,
  • and be buying your first home.

​You can now withdraw funds from your KiwiSaver to put towards your initial deposit (previously this was only possible upon going unconditional). If you have a conditional sale and purchase agreement you can choose to make your withdrawal at the point of deposit or when you settle.

Contact your KiwiSaver provider regarding any entitlement before beginning the purchase process if you are purchasing a home for the first time.

If you are a previous home owner, you will still need to apply through your scheme provider; however Kāinga Ora will initially need to determine whether you are a qualifying person. If you are deemed to be in the same financial position as a first home buyer, the letter produced by Kāinga Ora will need to be forwarded to your KiwiSaver scheme provider, to assist with your application to withdraw your KiwiSaver contributions.

Find out more here -

First Home Grant

If you're a first-time home buyer, or a previous home owner and you've been making regular KiwiSaver contributions for 3 - 5 years, you may be eligible for a First Home Grant of up to $10,000.

​You can apply for the grant through Kāinga Ora - Homes and Communities.
​Find out more here -

How it Works

You can apply for either:

  • A pre-approval before you start looking for a property to buy – this gives you certainty around eligibility and how much you may qualify for or;
  • A grant approval if you've found a property and have a signed sale and purchase agreement.

If you buy a new home or land
If you buy a new home or land to build on, you can get $2,000 for each of the 3 (or more) years you've paid into the scheme. The most you can get is $10,000 for 5 or more years.

To find out more including eligibility and property criteria, as well as income and deposit visit -

First Home Loan

Finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit. But with a First Home Loan you only need a 5% deposit which means getting into your first home is that much easier.

​As well as having a 5% deposit, you need to meet certain criteria including an income cap and regional house price cap. You will also need to meet the specific lending criteria of the participating lender you choose.

The criteria are listed below along with an easy guide to check at a glance if you are eligible to apply: -

  • Income cap - You can have a maximum yearly income of up to $95,000 (before tax) for 1 person. Or a combined maximum yearly income of $150,000 (before tax) for 2 or more people.
  • Minimum deposit - You will need a minimum 5% of the purchase price of the house you are wishing to buy.
  • House price cap - The price of the house you are buying with a First Home Loan must be less than the regional house price cap.  In Auckland the house price cap is currently $700,000 for a new property and $625,000 for an existing property.
  • First home buyer - Or a previous home owner, in a similar financial position to a typical first home buyer.

To find out more including eligibility and property criteria, as well as income and deposit visit -