By: Paula Welsh
Published: 18/08/2016
If you are looking to purchase a property and have a KiwiSaver investment, you should check to see if you are eligible for a HomeStart Grant from Housing New Zealand. 
 
There have been recent changes to the KiwiSaver HomeStart Grant criteria that potentially increases the number of property buyers who may now be eligible for the Grant.
 
Key points
 
•      Income caps – these have been increased so an individual buyer can now earn $85,000.00 (up from $80,000.00) and for two or more buyers the cap has been increased to $130,000.00 (up from $120,000.00)
 
•      House price caps – these have been increased for existing/older properties by $50,000.00 to new levels of $600,000.00 (Auckland), $500,000.00 (including Waimakariri District, Christchurch City, Selwyn District and other areas) and $400,000.00 (rest of New Zealand) – there is a link at the end of the article to a factsheet which has an easy to ready table with this information
 
•      New price caps – these have been set for new build properties: $650,000.00 (Auckland), $550,000.00 (including Waimakariri District, Christchurch City, Selwyn District and other areas) and $450,000.00 (rest of New Zealand) – there is a link at the end of the article to a factsheet which has an easy to ready table with this information
 
•      Previous home owners – the realisable assets test will be based on the house price cap for existing/older properties, not the cap for new build properties
 
NB: there are other eligibility criteria that you need to meet in order to qualify for the HomeStart Grant and this criteria is set out on the Housing New Zealand website (www.hnzc.co.nz)
 
Click here to download a copy of the factsheet detailing the changes.
Download article in PDF format



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