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.
On this page you'll find information about what types of First Home Products there are and an update on recent changes that have been made to these products.
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 - Update
A recent review of the First Home Products has resulted in the following changes.
These changes include:
Updating First Home Grant house price caps where they would increase to align with current lower-quartile market values.
Increasing the minimum new build house price cap from $500,000 to $650,000, which will increase caps in 31 Territorial Local Authorities.
Reducing the First Home Loan insurance premium and both the Crown and borrower contributions.
Changes to the First Home Grant will take effect from 15 May 2023.
Changes to the First Home Loan are expected to take effect from 1 June 2023.
First Home Grant House Price Caps
These tables show house price caps for existing and new build properties.
-
Auckland and Northland regions
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Far North District
$400,000
$400,000
$675,000
$675,000
Whangarei District
$600,000
$600,000
$800,000
$800,000
Kaipara District
$525,000
$525,000
$ 875,000
$875,000
Auckland City
$875,000
$875,000
$ 875,000
$875,000
-
Waikato and Bay of Plenty regions
Existing properties New build properties Previous cap
New cap
Previous cap
New cap
Thames Coromandel District
$875,000
$875,000
$ 925,000
$925,000
Hauraki District
$525,000
$550,000
$ 525,000
$650,000
Hamilton Urban Area (Hamilton City, Waipā District, Waikato District)
$650,000
$650,000
$ 725,000
$775,000
Matamata-Piako District
$625,000
$625,000
$ 625,000
$800,000
Ōtorohanga District
$400,000
$400,000
$ 500,000
$650,000
South Waikato District
$400,000
$400,000
$ 500,000
$650,000
Waitomo District
$400,000
$400,000
$ 500,000
$650,000
Taupō District
$575,000
$575,000
$ 575,000
$825,000
Tauranga Urban Area (Tauranga, Western Bay of Plenty District)
$800,000
$800,000
$ 875,000
$875,000
Rotorua District
$525,000
$525,000
$ 525,000
$650,000
Whakatane District
$500,000
$500,000
$ 500,000
$800,000
Kawerau District
$625,000
$400,000
$ 625,000
$650,000
Ōpōtiki District
$400,000
$400,000
$ 500,000
$650,000
-
Hawke’s Bay and Gisborne regions
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Gisborne District
$450,000
$450,000
$ 500,000
$650,000
Wairoa District
$400,000
$400,000
$ 500,000
$650,000
Napier - Hastings
$625,000
$625,000
$ 825,000
$825,000
Central Hawkes Bay District
$500,000
$500,000
$ 500,000
$650,000
-
Taranaki region
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
New Plymouth District
$525,000
$525,000
$525,000
$675,000*
Stratford District
$400,000
$400,000
$ 525,000
$650,000
South Taranaki District
$400,000
$400,000
$ 500,000
$650,000
* The new build house price cap for New Plymouth was updated on 22 May 2023 due to an error. The cap has been corrected from $650,000 to $675,000.
-
Manawatu-Whanganui region
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Ruapehu District
$400,000
$400,000
$ 500,000
$650,000
Whanganui District
$425,000
$425,000
$ 500,000
$650,000
Rangitikei District
$400,000
$400,000
$ 500,000
$650,000
Manawatū District
$525,000
$525,000
$ 525,000
$650,000
Palmerston North City
$575,000
$575,000
$ 700,000
$700,000
Tararua District
$400,000
$400,000
$ 500,000
$650,000
Horowhenua District
$525,000
$525,000
$ 650,000
$650,000
-
Wellington region
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Wellington Urban Area (Kāpiti Coast District, Upper Hutt City, Porirua City, Lower Hutt City, Wellington City)
$750,000
$750,000
$ 925,000
$925,000
Wairarapa (Masterton District, Carterton District, South Wairarapa District)
$575,000
$600,000
$ 800,000
$800,000
-
Nelson, Marlborough and West Coast regions
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Nelson - Tasman District
$650,000
$650,000
$875,000
$875,000
Marlborough District
$550,000
$550,000
$ 575,000
$650,000
Kaikōura District
$700,000
$700,000
$ 700,000
$700,000
Buller District
$400,000
$400,000
$ 500,000
$650,000
Grey District
$400,000
$400,000
$ 500,000
$650,000
Westland District
$400,000
$400,000
$ 500,000
$650,000
-
Canterbury region
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Hurunui District
$425,000
$425,000
$ 500,000
$650,000
Christchurch Urban Area (Waimakariri District, Christchurch City, Selwyn District)
$550,000
$575,000
$ 750,000
$775,000
Ashburton District
$400,000
$400,000
$ 500,000
$650,000
Timaru District
$400,000
$400,000
$ 500,000
$650,000
Mackenzie District
$500,000
$500,000
$ 500,000
$650,000
Waimate District
$400,000
$400,000
$ 500,000
$650,000
Waitaki District
$400,000
$400,000
$ 500,000
$650,000
-
Otago and Southland regions
Existing properties
New build properties
Previous cap
New cap
Previous cap
New cap
Central Otago District
$525,000
$525,000
$ 800,000
$800,000
Queenstown Lakes District
$875,000
$875,000
$ 925,000
$925,000
Dunedin City
$500,000
$500,000
$ 675,000
$675,000
Clutha District
$400,000
$400,000
$ 500,000
$650,000
Southland District
$500,000
$500,000
$ 500,000
$650,000
Gore District
$400,000
$400,000
$ 500,000
$650,000
Invercargill City
$400,000
$400,000
$ 500,000
$650,000
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