Am I eligible for a KiwiSaver Deposit Subsidy?

Check you are eligible for the deposit subsidy:

• I am 18 years or older
• I do not currently own land or property
• I have not received a deposit subsidy before
• I am a member of a KiwiSaver scheme, complying scheme or exempt employer scheme
• I have contributed at least the minimum percentage of my income to a KiwiSaver scheme, complying scheme or exempt employer scheme for at least three years. From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of your income, 4 percent of the adult minimum wage (based on a 40 hour week) for non-earners or 4 percent of your yearly benefit for beneficiaries. From 1 April 2009, the minimum contribution was reduced to 2 percent of your income, 2 percent of the adult minimum wage (based on a 40 hour week) for non-earners or 2 percent of your yearly benefit for beneficiaries
• I have a combined gross annual income earned in the last 12 months of $100,000 or less (before tax) for one or two buyers, or I have a combined gross annual income earned in the last 12 months of $140,000 or less (before tax) for three or more buyers
• I am buying one of the following types of property and land arrangements:
  (for more information on these property types - see our Buying your first home with Kiwisaver - Brochure or talk to your lawyer)

• If a previous home owner, I do not have realisable assets totalling more than 20 percent of the house price cap for the area I am buying in. Realisable assets are belongings that you can sell to help buy a house. For example if you were buying a house in the $300,000 cap area, your realisable assets cannot be worth more than $60,000. Housing New Zealand considers the following to be realisable assets.

• you must buy a house within the maximum house price caps. The house price caps are $400,000 for Auckland, Wellington City, Selwyn District and Queenstown Lakes District, and $300,000 for all other areas.
• you must live in the house, or apartment for at least six months from settlement date (if you don’t, you have to pay the deposit subsidy back)
• you cannot use the deposit subsidy to buy an investment property
• if you are buying land, a house must be built within 12 months of purchase. You will need to supply a code compliance certificate to show that this has been done
• if you are buying land and are intending to build a home, you must show: