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Government Announces Changes to Kainga Ora First Home Loan and First Home Grant

Written by Lois McLintock

Home ownership has just become more achievable for New Zealanders following an announcement as part of the 2022 Budget, which come into effect over this month.

The Kāinga Ora First Home Loan and First Home Grant will undergo a number of changes that will make owning a home more accessible for a number of Kiwis who haven’t yet had the opportunity to purchase their first home.

Changes for first time home buyers

House price caps for the First Home Grant will increase in many parts of the country, including Napier and Hastings, making qualifying for the First Home Grant more realistic.

Better yet, house price caps have been removed completely for First Home Loans. While income caps and lender requirements will still apply, the removal of the house price cap means applicants will have a greater choice of properties when applying for the loan.

Income categories and KiwiSaver

A new income cap category has been introduced for “individual buyers with dependents”. Applicants who fit into this category will be able to access the First home Grant and First Home Loan if they earn under $150,000.  KiwiSaver requirements have been adjusted to reduce the amount of regular savings required to access the grant.

Changes to the Kāinga Whenua Loan scheme

The loan cap has been increased from $200,000 to $500,000 for the Kāinga Whenua loan scheme. This will provide further options if you are building or buying a home on whenua Māori. There are some additional requirements for this loan scheme that we are happy to discuss with you.

Come and have a chat with one of our property experts about what these changes may mean for you, and how we can help you achieve the Kiwi dream of getting on the property ladder.