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KiwiSaver HomeStart Grant

The HomeStart Grant is an initiative paid by the Government (administered by Housing New Zealand) that helps New Zealanders get in to their first home. It is essentially an extra contribution towards your deposit. There are certain conditions that must be met around your total household income and how much the property you’re buying is worth.

The grant is paid directly to your New Zealand solicitor (or licensed conveyancer) to be put towards the purchase price of the house prior to the settlement date.

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01.

What Can Be Withdrawn?

If you’re eligible, you may be able to withdraw some or all of your KiwiSaver savings to put towards purchasing your home.

Effective 1 April 2015 and onwards your KiwiSaver withdrawal may include:

  • your members contributions
  • any employer contributions (voluntary and compulsory)
  • any returns on investment(s) received
  • any member tax credits.
02.

What are the grants worth?

The two HomeStart grants are:

  • $1,000 a year for each year you’ve been a member of a KiwiSaver scheme, complying superannuation fund and/or exempt employer scheme, up to a maximum of $5,000, if your first home will be an existing home; or
  • For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 a year for each year you’ve been a member of a KiwiSaver scheme, complying superannuation fund and/or exempt employer scheme, up to a maximum of $10,000.
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View assumptions

The 5 year returns shown are the average for each fund type per annum (p.a.) from sorted.org.nz Fundfinder 01/04/11 to 30/06/16. Defensive 2.94%, Conservative 5.25%, Balanced 6.92% and Growth 7.65% p.a. The 5 year average returns are used for illustrative purposes only and during this time period there has been a bull market in equities so these returns may be higher than usual. Assumptions are that you remain employed and contributing 3% p.a. of your before tax pay or self-employed contributing continuously until you reach retirement at age 65. If employed your starting balance is assumed to be $12,500 and your salary is assumed to grow by 3% p.a. Your employer puts in 3% p.a. less Employer Superannuation Contribution Tax. If self-employed you begin contributing ($20 p.w.) $1,042.86 p.a. which is assumed to increase by 3% p.a. Inflation is assumed to average 2% p.a. The table above does not reflect the prospective performance of any Fund. The returns are subject to investment and other risks (including potential losses). No returns are guaranteed or assured, and returns can at times be negative, particularly given the length of the investment period shown in the illustration. Past performance is not necessarily an indicator of future performance and returns over different periods may differ.

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