If you are part of the KiwiSaver subsidy scheme, you are entitled to the following contribution towards your deposit: 3 years of contributing = $3,000 (the minimum you can get)
4 years of contributing = $4,000
5 years of contributing = $5,000 (the maximum you can get)
It will take 5 working days to assess an application for the deposit subsidy, providing you include all the required supporting documentation. If you are eligible, a letter will be sent to you to confirm the deposit subsidy is available. You can take this to the bank as it counts towards the total finance you have available to buy your first home. Legal documents will be sent to your solicitor from the bank which you will need to sign and return no later than five working days prior to settlement date. Once documents are received, an arrangement to pay the subsidy into your solicitor’s trust account on the day of settlement is made.