Hey, guess what? We just found out about this awesome program called the First Home Grant that can help you get up to $10,000 towards buying your first home in New Zealand. It's pretty cool, but there are some eligibility criteria and requirements you should know about.

Am I eligible?
To be eligible for the First Home Grant, you need to:

• Be at least 18 years old.
• Have earned less than the specified income caps in the last 12 months.
• Not currently own any property or land (Māori land is an exception).
• Have contributed to KiwiSaver (or a complying fund or exempt employer scheme) for at least 3 years.
• Buy a property that falls within the regional house price caps.
• Commit to living in your new home for at least 6 months.

Also, make sure the property you want to buy meets the property requirements mentioned on their website.

Income requirements
Your income in the 12 months before applying should be:

• $95,000 or less before tax for an individual buyer.
• $150,000 or less before tax for an individual buyer with one or more dependents.
• $150,000 or less before tax for 2 or more buyers, regardless of the number of dependents.

KiwiSaver contribution requirements
You need to have been regularly contributing at least the minimum amount to KiwiSaver for 3 years. The minimum contribution is currently 3% of your total income or at least $1,000 annually (whichever is lower). Contributions should come from all your income sources, not just your main one.

Deposit requirements
You must show evidence that you have a deposit of at least 5% of the purchase price of the house. This can include money from your KiwiSaver first-home withdrawal, First Home Grant approval/pre-approval, savings, payments you've made towards the property, or gifted money from a close family member.

Previous property owners
If you've previously owned a property, you can still apply for the First Home Grant. However, you can only receive it once and must meet standard eligibility criteria. Also, your realisable assets (things you could sell to help buy a house) must not exceed 20% of the house price cap for your area.

What type of property can you buy?
You can use the First Home Grant for new builds or existing properties up to the value of the price caps in your region. New builds include newly built or relocated dwellings (certified within the last 12 months), vacant sections, house and land packages, or apartments purchased off the plans.

House price caps
Each region has maximum price caps for homes, so make sure your property falls within the cap for your area. You can find these caps on their website.

Property requirements

• You must agree to live in your home for at least 6 months from the settlement date or the date when the code compliance certificate for a new build is issued.
• You must not currently own any land or property, even if it's owned by a spouse or partner you could reasonably live in or sell (except Māori land).
• If you're buying with others, you must each be buying an equal share.
• If you buy privately, you might need to prove you paid a fair market price.
• Existing properties are those built and certified more than 12 months ago.
• Land must be ready to build on, or the cost to prepare it must be considered.
• If you're buying off the plans, there are specific requirements and possible payment arrangements to discuss with your lawyer and the developer.
• If you're building on Māori land, you'll need to provide proof of your right to occupy the land.

So, if you meet these criteria, you could be on your way to getting some extra help in buying your first home!