One of the biggest post-Covid changes for first home buyers was the scrapping of the Kāinga Ora First Home Grant in May 2024. Overnight, a potential $5,000–$10,000 boost towards your deposit disappeared.
That’s understandably left many buyers asking, “Is there still any help for us?”
The short answer is yes – but it looks different:
- First Home Loan. With a First Home Loan, some lenders can offer loans with as little as 5% deposit, backed by Kāinga Ora, subject to income and price caps and a one-off premium.
- KiwiSaver withdrawals. Most members who meet the criteria can still withdraw a large portion of their balance for a first home, keeping at least $1,000 in the fund.
- Developer or builder grants. Some builders have stepped in with their own deposit-assist grants to fill the gap left by the First Home Grant.
From a broker’s point of view, this makes planning even more important. We map out:
- How much you could realistically withdraw from KiwiSaver
- Whether you’re eligible for First Home Loan or other schemes
- How family gifting or shared ownership might fit in safely
Losing the grant has made things tougher, no question. But smart use of the remaining tools – and a clear savings strategy – still gets many first home buyers over the line.
