Deposit - how much do you need?

First-home buyers will be able to access First Home Grants and First Home Loans on a wider range of properties thanks to changes in this year’s Budget.

The Government has removed the purchase price cap for First Home Loans and increased it for First Home Grants.

The loan enables people to purchase with a 5% deposit because it is underwritten by the Government.

Grants of up to $5000 per buyer, or $10,000 for a new build property, are available when people meet KiwiSaver saving criteria and withdraw from their KiwiSaver funds for a first home.

New caps for the First Home Grants will lift to $875,000 in the Auckland region for existing and new build properties.

Got a question about the changes? Don't hesitate to get in touch with Jiji Couch from Vega Lend at jiji@vegalend.co.nz for all your lending needs.