Is there still a First Home Grant in NZ?

When did the First Home Grant end?

Kāinga Ora closed the grant to new applications at 1pm on 22 May 2024. Applications already received were still processed, and people holding a pre-approval could submit a sale and purchase agreement until that pre-approval expired. Kāinga Ora's quarterly reports show no new applications since.

The grant paid first home buyers who had been contributing to KiwiSaver for at least three years, with more for a new build than for an existing home. If you see a calculator or article still adding a grant to your deposit, it was written before May 2024.

What can first home buyers use instead?

• Kāinga Ora First Home Loan: a home loan from a participating bank or lender with a deposit from 5 percent, underwritten by Kāinga Ora. You apply through the lender, not Kāinga Ora.
• KiwiSaver first home withdrawal: after three years of membership you can usually withdraw your savings towards a first home, leaving $1,000 in the account. Your KiwiSaver provider handles the application.
• Ordinary low-deposit lending: banks can still lend to owner-occupiers with less than a 20 percent deposit, within the Reserve Bank's limit on how much of that lending each bank may do. It usually costs more, through a low equity margin or fee.
• Help from family: a gifted deposit or a family guarantee on part of the loan. Banks treat these differently, and a gift usually needs a letter confirming it is not a loan.

Who can get a First Home Loan?

As at October 2026, the income caps are $95,000 a year for one borrower without dependants, and $150,000 for one borrower with dependants or for two or more borrowers combined. You must intend to live in the home, and the lender still has to be satisfied that you can afford the repayments.

Kāinga Ora's website is the place to confirm the current caps and any house price limits, because they are set by the Government and can change. The lender charges a premium for the Kāinga Ora underwriting, which is added to your costs, so ask what it is before comparing offers.

In September 2026 a political party announced a policy to lift the First Home Loan income cap if elected. That is a proposal, not a rule, until it is legislated and Kāinga Ora changes its criteria.

How big a deposit do you need without a grant?

Banks generally look for 20 percent for an owner-occupied home. Since 1 December 2025 the Reserve Bank allows each bank to make up to 25 percent of its new owner-occupier lending at more than 80 percent of the property's value, so loans with a 10 or 15 percent deposit are more available than they were. First Home Loans are exempt from that limit.

The first home deposit calculator adds your savings, KiwiSaver withdrawal and any gift, and shows your loan-to-value ratio and how far you are from 20 percent.