First home deposit subsidy

After 3 years of contributing to KiwiSaver, you may be entitled to a first home deposit subsidy. The subsidy is administered by Housing New Zealand. This subsidy will be paid to your solicitor on the day the purchase of the property is settled.

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 deposit subsidy

To be eligible for the first home deposit subsidy, you must have contributed at least:

  • 4% of your total income for the period 1 July 2007 to 31 March 2009 to a KiwiSaver scheme, or a complying superannuation scheme, for at least three years
  • 2% of your total income for the period 1 April 2009 to 31 March 2013 to a KiwiSaver scheme, or a complying superannuation scheme, for at least three years
  • 3% of your total income for the period 1 April 2013 onwards to a KiwiSaver scheme, or a complying superannuation scheme, for at least three years
  • 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 deposit 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