Changes to the KiwiSaver First Home deposit subsidy and withdrawals
Effective 1 April 2015, Government has changed the rules around KiwiSaver HomeStart grants and KiwiSaver first home withdrawals.
The key changes are:
- The KiwiSaver first home deposit subsidy has been renamed the KiwiSaver HomeStart grant.
- KiwiSaver members, if they meet the criteria, will be able to withdraw their member tax credits (MTC) to help towards the purchase of their home.
- The introduction of a second HomeStart grant for people wanting to build their own home or purchase land to build their homes on.
- The house price cap has been increased in certain areas.