A number of changes occurred to the KiwiSaver HomeStart Grant on 1 August 2016. These are:
The existing income cap limits of $80,000 for one buyer and $120,000 for two or more buyers are to be increased to $85,000 and $130,000 respectively. These caps are based on income earned in the previous 12 month period before tax.
House price caps
The existing house price caps will be increased by $50,000 to the new levels of $400,000,
$500,000 and $600,000. Click for details.
Additionally, these house price caps are to be used exclusively for existing/older properties.
Price caps have also been added for new build properties. These caps are set at $450,000, $550,000 and $650,000. Click for details.
Previous home owners
For the assessment of previous home owners, the realisable assets test will be based on the
house price cap for existing/older properties, not the new properties caps.