KiwiSaver and HomeStart
On 1st April 2015, the KiwiSaver HomeStart grant was introduced in place of the KiwiSaver first-home deposit subsidy. The HomeStart grant provides eligible buyers with up to $5,000 for individuals and up to $10,000 for couples to put towards the purchase of their first home, where it is an existing home. For a brand new home the maximum value of grants payable is up to $10,000 per individual or up to $20,000 per couple.
In addition, KiwiSaver members can now withdraw their contributions, their employer’s contributions, the investment income received and their KiwiSaver member tax credit paid by the Government. As of 1st June 2015, the withdrawal can be put toward a deposit on the member’s first home purchase, removing the previous condition where the purchase had to be unconditional before being eligible for the first-home withdrawal.
The first home purchase must be in New Zealand only, and greater flexibility for new first home builds has been allowed for.
$1,000 KiwiSaver Kick-start Contribution
As of 21st May 2015, the Government’s $1,000 KiwiSaver kick-start contribution has been removed. Any members joining now will no longer receive the $1,000 contribution.