in your best interests
Helping You Into Your Home with the HomeStart Grant
If you are looking at a new home, and haven’t owned previously then the Homestart Grant could be just the thing for you. Brian, The Wellington Mortgage Broker, takes a look at what it involves and the criteria that must be met.
For those who have been contributing for 3 years or more to KiwiSaver, the Homestart Grant (previously known as the KiwiSaver Deposit Subsidy) may be available to help you into your first home – whether you are building, or buying an existing property.
If you are purchasing an existing/older home, the HomeStart grant is $1,000 for each year of contribution to the scheme:
As you would expect there are certain conditions that must be met before you can receive a HomeStart grant. These include:
To be eligible for the grant your home purchase price must be within the following maximums:
You cannot own other homes.
For New Homes:
To be eligible the total cost of the home and land must fall within the following maximums:
Off the Plans: If purchasing off the plans then there must be evidence of a projected completion date, i.e. a signed contract
The house must be used as your primary residence for at least 6 months after the settlement date and you do not own any other houses.
You must have funding for the construction of the new home & the land or site must be ready to be built on.
Previous home owner?
If you have owned previously you may still be eligible for a HomeStart Grant if you meet certain criteria. Contact us today to find out more..
Updated 1/8/16 to reflect changes announced that day.
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