First Home products
Getting together a large enough deposit to buy a home can be a big barrier for first home buyers. First Home products can help eligible first-time buyers, with a grant to top up their deposit, or with a low-deposit home loan.
About First Home products
First Home products are:
- First Home Grant – up to $10,000 to put towards a deposit for eligible first home buyers who have been contributing to KiwiSaver for at least three years
- First Home Loan – reduces the deposit requirement to 5 per cent for eligible first home buyers
The First Home products sit alongside other initiatives to support first home buyers, including the Progressive Home Ownership Scheme, KiwiBuild programme, and First Home Partner.
There is more information about First Home products, including a decision tool, eligibility criteria and how to apply, on the Kāinga Ora - Homes and Communities website.
Kāinga Ora Home Ownership(external link)
Recent changes to First Home Grants and First Home Loan
The Budget 2022 introduced changes to the First Home products that will help more people into their first home.
These changes include:
- updating house price caps for the First Home Grant to align with lower quartile estimated values for new and existing properties
- removing house price caps for the First Home Loan
- introducing a new income cap category for ‘individual buyers with dependents', with an income cap of $150,000
- providing the higher new build grant to relocatable homes that have received a Code Compliance Certificate in the last 12 months
- providing the higher new build grant to members of Progressive Home Ownership rent-to-buy schemes if their home was a new build when they moved in
- adjusting the KiwiSaver requirements to reduce the threshold amount of regular savings to access the Grant
- increasing the loan cap to $500,000 for Kāinga Whenua loans.
Changes to the First Home Grant came into effect on 19 May 2022.
Changes to the First Home Loan take effect from June 2022.
First Home Grant House Price Caps
The table shows house price caps for existing and new build properties.
|
Existing Properties |
New Build Properties |
|||
|
Auckland and Northland regions |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Far North District |
400,000 |
400,000 |
500,000 |
675,000 |
|
Whangārei District |
400,000 |
600,000 |
500,000 |
800,000 |
|
Kaipara District |
400,000 |
525,000 |
500,000 |
875,000 |
|
Auckland |
625,000 |
875,000 |
700,000 |
875,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Waikato and Bay of Plenty regions |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Matamata-Piako District |
400,000 |
625,000 |
500,000 |
625,000 |
|
Hamilton Urban Area (Hamilton City, Waipā District, Waikato District) |
525,000 |
650,000 |
600,000 |
725,000 |
|
Ōtorohanga District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Thames-Coromandel District |
400,000 |
875,000 |
500,000 |
925,000 |
|
Hauraki District |
400,000 |
525,000 |
500,000 |
525,000 |
|
South Waikato District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Waitomo District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Taupō District |
400,000 |
575,000 |
500,000 |
575,000 |
|
Tauranga Urban Area (Tauranga, Western Bay of Plenty District) |
525,000 |
800,000 |
600,000 |
875,000 |
|
Rotorua District |
400,000 |
525,000 |
500,000 |
525,000 |
|
Whakatāne District |
400,000 |
500,000 |
500,000 |
500,000 |
|
Kawerau District |
400,000 |
625,000 |
500,000 |
625,000 |
|
Ōpōtiki District |
400,000 |
400,000 |
500,000 |
500,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Hawke’s Bay and Gisborne regions |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Gisborne District |
400,000 |
450,000 |
500,000 |
500,000 |
|
Wairoa District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Napier-Hastings (Napier City, Hastings District) |
525,000 |
625,000 |
600,000 |
825,000 |
|
Central Hawke's Bay District |
400,000 |
500,000 |
500,000 |
500,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Taranaki region |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
New Plymouth District |
400,000 |
525,000 |
500,000 |
675,000 |
|
Stratford District |
400,000 |
400,000 |
500,000 |
525,000 |
|
South Taranaki District |
400,000 |
400,000 |
500,000 |
500,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Manawatu – Wanganui region |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Ruapehu District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Whanganui District |
400,000 |
425,000 |
500,000 |
500,000 |
|
Rangitikei District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Manawatū District |
400,000 |
525,000 |
500,000 |
525,000 |
|
Palmerston North City |
400,000 |
575,000 |
500,000 |
700,000 |
|
Tararua District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Horowhenua District |
400,000 |
525,000 |
500,000 |
650,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Wellington region |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Wairarapa (Masterton District, Carterton District, South Wairarapa District) |
400,000 |
575,000 |
500,000 |
800,000 |
|
Wellington Urban Area (Kāpiti Coast District, Upper Hutt City, Porirua City, Lower Hutt City, Wellington City) |
550,000 |
750,000 |
650,000 |
925,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Nelson, Marlborough and West Coast regions |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Nelson-Tasman (Nelson City, Tasman District) |
525,000 |
650,000 |
600,000 |
875,000 |
|
Marlborough District |
400,000 |
550,000 |
500,000 |
575,000 |
|
Kaikōura District |
400,000 |
700,000 |
500,000 |
700,000 |
|
Buller District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Grey District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Westland District |
400,000 |
400,000 |
500,000 |
500,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Canterbury region |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Hurunui District |
400,000 |
425,000 |
500,000 |
500,000 |
|
Christchurch Urban Area (Waimakariri District, Christchurch City, Selwyn District) |
500,000 |
550,000 |
550,000 |
750,000 |
|
Ashburton District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Timaru District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Mackenzie District |
400,000 |
500,000 |
500,000 |
500,000 |
|
Waimate District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Waitaki District |
400,000 |
400,000 |
500,000 |
500,000 |
|
|
Existing Properties |
|
New Build Properties |
|
|
Otago and Southland regions |
Previous Cap ($) |
New Cap ($) |
Previous Cap ($) |
New Cap ($) |
|
Central Otago District |
400,000 |
525,000 |
500,000 |
800,000 |
|
Queenstown-Lakes District |
600,000 |
875,000 |
650,000 |
925,000 |
|
Dunedin City |
425,000 |
500,000 |
550,000 |
675,000 |
|
Clutha District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Southland District |
400,000 |
500,000 |
500,000 |
500,000 |
|
Gore District |
400,000 |
400,000 |
500,000 |
500,000 |
|
Invercargill City |
400,000 |
400,000 |
500,000 |
500,000 |
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