Why do I get more First Home Grant money for a new build?

Short answer: New builds get $10,000 because the government wants to encourage construction. Existing homes get $5,000.

What this actually means in plain English

The government wants more houses built. So they pay $10,000 for new builds but only $5,000 for existing homes. It is their way of encouraging construction. If you buy off the plans or build new, you get double the grant.

Key Facts

Existing home: $1,000 per year of KiwiSaver membership (max $5,000)
New build: $2,000 per year of KiwiSaver membership (max $10,000)
New build includes off-the-plans and house-and-land packages
You must live in the home for at least 6 months

Example

Years In Kiwi Saver: 5

Existing Home Grant: $5,000

New Build Grant: $10,000

Difference: +$5,000 for new build

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