It is a grant of between $1,000 - $10,000 to be used towards a first home, but only people whom have been contributing to the KiwiSaver scheme are eligible. Keep in mind you have to contribute for a minimum of three years before you’re eligible. It can be used for either a new build or an existing house.
If you’re applying for this grant to purchase an existing house you’ll receive $1,000 for each of the years you've paid into the scheme. The most you can receive is $5,000 for 5 or more years.
If you are buying or building a new home or land to build on, you can get $2,000 for each of the years you've paid into the scheme. The most you can receive is $10,000 for 5 or more years.
If you do have a small deposit, less than the standard 20% you may also be eligible for the First Home Loan initiative, to find out more about that read our blog: 5% deposit home loans can be used for new builds.
You can also apply to withdraw from your KiwiSaver (minus the initial $1,000 you may have started with). Receiving the First Home Grant and using a withdrawal, either the extent of your KiwiSaver or an amount you choose can help you on your way to reaching your 5-20% deposit needed to buy or build or first home.