KiwiSaver / Deposit Subsidy

Posted June 8th, 2007 by Dr James Pratt

What is the KiwiSaver first home deposit subsidy?

KiwiSaver is a government-sponsored, work-based savings initiative that aims to increase New Zealanders level of savings.

If you have been contributing around 4% of your income to KiwiSaver or an approved alternative superannuation scheme, you may be entitled to a first home deposit subsidy from the government through Housing New Zealand.

The subsidy is $1,000 for each year of membership in the scheme, up to a maximum of $5,000 for five years for each member. The eligibility criteria are set by Housing New Zealand and will include household income and regional house price caps (outlined in general terms below).

The first deposit subsidies will be paid out in 2010 to people who started KiwiSaver contributions in 2007.

More information:

http://www.hnzc.co.nz/hnzc/web/rent-buy-or-own/home-loans/kiwi-saver-and...

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