Have you considered applying for a Housing New Zealand (HNZ) HomeStart Grant for your first home purchase?
March 11, 2019 at 2:01 PM
Housing New Zealand HomeStart Grant is a government grant valued at between $3,000.00 and $5,000.00 for an existing home or if you are purchasing a new home off the plans or land to build a new home on, the value is between $6,000.00 and $10,000.00 depending on how many years you have been contributing to KiwiSaver.
First thing to think about before looking for a home is are you eligible for a HNZ HomeStart Grant?
The eligibility checklist is:
- You are over 18 years old
- You have not received the HomeStart grant or previous KiwiSaver deposit subsidy before
- You are a member to a KiwiSaver Scheme, complying fund or exempt employer scheme
- You have contributed at the minimum allowable percentage of your total income to KiwiSaver Scheme (or similar) for at least three years
- You are the sole buyer and earned less than $85,000.00 (before tax) in the past 12 months or
- There are two or more buyers who have a combined income of $130,000.00 or less (before tax) in the past 12 months
- You have ten percent or more deposit of the purchase price (this can include your KiwiSaver withdrawal as well as funds held in the bank or gifts from relatives)
- You are buying one of the following types of property - fee simple ï stratum estate (freehold or leasehold) ï cross-lease (freehold & leasehold) ï leasehold ï Maori land
- You are purchasing equal shares in the property proportionate to the number of intended property owners
- The property you are buying is under the house cap value (see links below)
You can apply to Housing New Zealand for a pre-approval which is valid for 180 days.
The HNZ HomeStart Grant is used at settlement when purchasing a pre-existing building or can be used at specific times when building a new home.
Here at O’Sullivan Clemens Lawyers are happy to help you in any way to ensure the purchase of your first home runs as smoothly as possible. We can walk you through the completion of your HNZ HomeStart on-line application, completion and delivery of additional documentation and follow up with any requirements that may be needed.
We have a team of lawyers, legal executives and support staff who have years of experience in Conveyancing, KiwiSaver and HomeStart Grant applications.