First Home Grant
Closed. The First Home Grant stopped taking new applications on 22 May 2024 and is not returning. It paid $3,000-$10,000 per person to first home buyers who met KiwiSaver contribution and income tests. The KiwiSaver first-home withdrawal and the First Home Loan are the schemes that still exist.
The First Home Grant closed to new applications on 22 May 2024. Budget 2024 redirected the funding to social housing and it is not coming back. An application already active on that date could still be claimed; a first home buyer starting now cannot apply.
This entry exists because the grant is still the first thing most people ask about, and the numbers are still quoted in older guides. While it ran, it paid $1,000 per year of KiwiSaver contribution up to five years ($3,000-$5,000), doubled for a new build (up to $10,000), with income caps of $95,000 individual and $150,000 combined, and regional house price caps that lagged the market badly enough that most claimants never got the full amount.
What is still available: the KiwiSaver first-home withdrawal, which lets you take out most of your balance leaving $1,000 behind, and the First Home Loan, which lets you buy with a 5% deposit through participating lenders.
Why this matters
Because a lot of first-home advice still assumes it exists, and budgeting a deposit around $10,000 that is not coming is an expensive mistake. If you are buying in the next few years the thing that actually moves your deposit is your KiwiSaver balance, so the contribution rate you set now is the lever — and the three-year clock still starts from your first contribution.
More KiwiSaver terms
KiwiSaver
New Zealand's voluntary retirement savings scheme. You contribute a percentage of your salary (3.5%, 4%, 6%, 8% or 10%), your employer contributes at least 3.5%, and the government adds up to $260.72 a year. Money is locked until age 65 (with exceptions for first home and hardship).
KiwiSaver First Home Withdrawal
After 3+ years of contributing, you can withdraw most of your KiwiSaver balance to buy your first home. You must leave $1,000 in the account.
PIE Tax
Portfolio Investment Entity tax. The tax rate on your KiwiSaver and managed fund returns. Your rate depends on your income: 10.5% (under $14K), 17.5% ($14-48K), or 28% (over $48K). Set it correctly to avoid overpaying.
Conservative Fund
A KiwiSaver or managed fund that invests mostly in bonds and cash. Lower risk, lower returns. Suitable if you're close to retirement or plan to withdraw soon.
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