On 19 May 2022, the house price caps in the Queenstown-Lakes District for obtaining a first home grant from Kāinga Ora were significantly increased. This could open the door for many first home buyers in the district that were previously unable to access these funds, with the possibility of receiving up to $20,000, if buying as a couple, to top up your deposit.
New grant price caps:
- $875,000.00 for an existing home – Any dwelling built and certified more than 12 months ago.
- $925,000.00 for a new build or land. A new build includes a house and land package purchased off the plans and a newly built dwelling that received CCC less than 12 months before the date you apply.
To be eligible for a grant you must:
- be over 18;
- have earned less than the income caps in the last 12 months (less than $95k for an individual with no dependents, and less than $150k joint income for a 2 or more buyers);
- not currently own any property, this does not include ownership of Māori land;
- have been contributing at least the minimum amount to KiwiSaver for 3 years or more;
- purchase a property that is within the regional house price caps noted above; and
- live in your new house for at least 6 months.
If you meet the above criteria, you could be eligible to receive a grant of up to $5,000 per person towards the purchase of an existing home, and up to $10,000 per person towards a new build or land to build your first home on.
Previous homeowners In New Zealand or overseas may still be able to apply for the first home grant provided you have not received a first home grant before. There are also other eligibility criteria that must be met, including not having realisable assets worth more than 20% of the house price cap for existing properties in the area that you are buying in. More information on access to the grant as a previous homeowner can be found on the Kāinga Ora website.
If you are buying land to build on, among other things, you must be able to supply a signed Sale & Purchase Agreement for the land, a fixed price building contract and copies of all relevant associated documents such as plans and specifications.
If you are looking to purchase your first home, or land to build your first home on, contact our experienced Property team at TODD & WALKER Law. We can assist you through the process of obtaining the first home grant. Contact us on firstname.lastname@example.org or 03 441 2743.