There are still a few things to consider when you are looking to see if the First Home Loan and First Home Grant are right for you. 

First Home Loan Criteria 

Income cap:

• Have an annual income of no more than $95,000 (before tax) for a single buyer; or
• Have an income of no more than $150,000 (before tax) for a single buyer who one or more dependents; or
• Have a combined income of no more than $150,000 (before tax) for two or more buyers, regardless of the number of dependents
  
• Minimum deposit - You will need a minimum 5% of the purchase price of the house you are wishing to buy.
• First home buyer - Or a previous home owner, in a similar financial position to a typical first home buyer.
• You must live in the home you are buying. A First Home Loan cannot be used to buy an investment or rental property.
• You cannot own any other property, this does not include ownership of Māori land. 
• You will need to pay a Lender’s Mortgage Insurance (LMI) premium of 1% of the loan account. 
• You are a New Zealand citizen or permanent New Zealand resident or a resident visa holder who is ordinarily resident in New Zealand. 
• While an age restricition is not part of the standard eligibility criteria for a First Home Loan, in general participating lenders will require applicants to be a minimum of 18 years of age.

First Home Grant

• be over 18
• have earned less than the income caps in the last 12 months
• not currently own any property, this does not include ownership of Māori land
• have been contributing at least the minimum amount to KiwiSaver (or complying fund or exempt employer scheme) for 3 years or more
• purchase a property that is within the regional house price caps
• agree to live in your new house for at least 6 months.