Get Your First Home With Kāinga Ora

If you’ve been contributing to your KiwiSaver over the last 3 years, then you may be eligible for a First Home Grant or First Home Loan with Kāinga Ora.

Kāinga Ora is a crown entity set up under the Kāinga Ora Homes and Communities Act 2019. ‘Kāinga’ meaning home, and ‘Kāinga Ora’ meaning wellbeing through places and communities, has been established to provide urban development and housing opportunities to New Zealanders. Partnering with councils, local government, Māori and mana whenua, infrastructure providers, private developers, and community housing, they’re work is there to deliver public housing and support services to Kiwis.

As a KiwiSaver contributor you can have access to different government funds and incentives through Kāinga Ora to help you get your first home. There are two key funds for first home buyers, the First Home Grant and the First Home Loan which we have more information on below.


First Home Grant

The First Home Grant is free money towards your house deposit. The First Home Grant can be used to help purchase new builds or existing properties up to the value of the price caps in your region. 

If you’re eligible for this grant you could receive up to $10,000 to top up your home deposit. This benefit is subject to income, house price cap and location. For the income cap, in the 12 months before you apply you must have earned $95k (or less before tax) for a single person and $150k (or less before tax) combined income for a joint application. 

If you’re buying an existing home, the most you can get is $5,000 for five or more years, and for a new home build you can get the maximum of $10,000 for five or more years. It’s important to note that the property purchase price must be within the regional house price caps and you must agree to live in the property for at least six months from the settlement date.

First Home Loan – A Low Deposit Mortgage!

Finding the 20% deposit for your first home is one of the hardest steps in purchasing a home. The First Home Loans helps make it easier for you to purchase your first home. The First Home loan helps you obtain lending with just a 5% deposit. First Home Loans are only issued by selected banks and other lenders, and supported by Kāinga Ora. 

To be eligible for the First Home Loan you must be:

  • A New Zealand citizen or New Zealand resident holder
  • A first home buyer
  • Have an income of $95k (or less before tax) for an individual buyer and $150k (or less before tax) combined income for two or more buyers
  • Have a minimum deposit that is at least 5% of the property purchase price
  • Be purchasing a property of less than 1 hectare

As well as other bank lending criterias of the participating bank or lender you choose. It’s important to note however, that the lending is still done through banks and is subject to their usual lending criteria, meaning that just having the 5% deposit isn’t always enough. Banks and lenders will also assess you on your financial ability to repay the loan, your current level of debt, and your credit history as part of their lending criteria.

How We Can Help

Some participating banks and lenders may allow you to build a new home with the Kāinga Ora First Home Loan, but not all banks and lenders have this option, therefore, using a mortgage broker or expert financial advisor can help navigate this with you. Only a select few banks offer this and choosing the right one for your first home purchase can make all the difference.

Talk to one of our financial advisors at One Stop Financial to discuss your first home purchase options. What makes us different is that we listen and provide you with tailored financial advice. Our expertise is free to first home buyers and we work in finding the best finance options for you so that you can purchase your first home with confidence and clarity. Call us today and start your first home journey with One Stop Financial.

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