Who can apply for the deposit subsidy

If you are self employed, you will qualify for the deposit subsidy, provided you make at least one contribution annually of at least the minimum percentage of your income over the qualifying period (3, 4 or 5 years) and meet the other requirements. From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent.

You will qualify for the deposit subsidy if you make an annual contribution that is at least the minimum percentage of the adult minimum wage (currently $510 a week), over the qualifying period (3, 4 or 5 years) and meet all other criteria.

From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of the minimum wage. From 1 April 2009, the minimum contribution was reduced to 2 percent.

You will qualify for the deposit subsidy if you make an annual contribution that is at least the minimum percentage of your gross benefit and meet all the other eligibility criteria. From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent.

You will qualify for the deposit subsidy if you have contributed the minimum required percentage of your income for three years. Note: from 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent. You will also need to meet other conditions around income and house price.

You may choose to contribute through only one employer, however, you must ensure that you contribute a minimum of two percent of your total income. For example, if you earn $100 a week on one job and $300 a week from another job (or source of income), you need to save $8 (which is two percent of $400) to qualify for the deposit subsidy.

Yes, if you contributed to your KiwiSaver scheme and your contributions are at least the minimum percentage of the adult minimum wage annually over the qualifying (3, 4 or 5 year) period (and meet all other criteria). From 1 July 2007 to 31 March 2009 the minimum contribution was 4 percent of income. From 1 April 2009, the minimum contribution was reduced to 2 percent.

No - eligibility for the deposit subsidy is based on whole year contributions.

You need to apply to Housing New Zealand for a determination that your financial position is the same as a first home buyer’s in terms of assets, income and liabilities.

For example:

• your income must not exceed the household income caps
• you need to be able to secure a mortgage from a commercial lender
• you must declare your assets, which must amount to no more than 20 percent of the regional house price cap.

You will also need to meet the other eligibility criteria.

The deposit subsidy is intended to provide assistance to households to purchase a modest home to be their primary place of residence. It is not intended to assist households that already have sufficient assets or equity to buy a home.

The deposit subsidy is designed to help people on modest incomes into a modestly-priced house rather than for people on higher incomes to buy a more expensive house.

Income caps are determined by the Ministers of Housing and Finance. In determining income caps Ministers will consider market income levels and house prices.

The deposit subsidy is intended to provide assistance to households on modest incomes to purchase a home.

Yes, the deposit subsidy is only available to individuals aged 18 years and above. However, contributions to your KiwiSaver account before you turn 18 will count towards your eligibility for the deposit subsidy as long as they meet the minimum contribution requirements.

No, there is no maximum age limit for deposit subsidy applicants.

You may be eligible if your assets, income and liabilities are similar to those of a first home buyer. You will need to apply to Housing New Zealand for a determination that you are in a similar position to a first home buyer. Contact us on 0508 935 266.

No, the deposit subsidy is not available for people who already own a house.

No, the deposit subsidy is not available for people who already own a house.

No, the deposit subsidy is not available for people who already own land. Some exceptions will apply where Housing New Zealand will determine eligibility for the deposit subsidy on a case by case basis. For example, where people own very small shares in land or own land by way of certain types of trust.

People with an interest in multiple-owned Maori land subject to Te Ture Whenua Maori Land Act 1993, who meet all other criteria, are eligible for the deposit subsidy.

It will depend on the nature of the Trust.

Discretionary beneficiaries, contingent beneficiaries and vested beneficiaries of a Trust, who cannot be reasonably expected to occupy the land, will be eligible for the deposit subsidy. Bare trustees holding estates in land are not treated as holding the estate for the purposes of assessing their eligibility and are eligible to apply for the deposit subsidy.

Other types of trusts will be considered on a case by case basis. Generally eligibility will be determined based on the individual’s ability to “reasonably occupy the property or sell the property”. The deposit subsidy is intended to help people into their first home.

Yes, provided the minimum contribution requirements have been met.

No - it is an individual application and organisations cannot be KiwiSaver members.

No. You can only get the deposit subsidy once.