National plans KiwiSaver changes
If it is the Government after the election, it will replace the KiwiSaver first-home deposit subsidy with a KiwiSaver HomeStart Grant, doubling the amount that is available to new buyers who purchase a newly-built house.
KiwiSaver withdrawals will also be able to include the member tax credit of $512 a year and Welcome Home Loan price caps have increased.
“We are roughly doubling the number of people receiving a Government grant to buy a first home from 10,000 per year to 20,000 per year, and doubling the Government grant they are eligible for if buying a newly-built home,” Housing Minister Nick Smith said.
The changes would come into effect next April. First-home buyers are eligible for a grant of $3000 after three years in KiwiSaver, $4000 after four years and $5000 after five years. Under KiwiSaver HomeStart, this grant would double to $6000 after three years, $8000 after four years and $10,000 after five years for the purchase of a newly-built home.
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