In September 2026 a first home buyer asks which government-backed home ownership scheme they can still apply for. Which is correct?
Correct Answer
D) First Home Loan; the First Home Grant has closed and First Home Partner is full.
The First Home Grant closed on 22 May 2024. Kāinga Ora states that the First Home Partner shared-ownership scheme is fully subscribed and its page is for existing customers. The First Home Loan, with a 5% deposit through participating lenders, is still available.
Why This Is the Correct Answer
Of the three, only the First Home Loan is open to new applicants.
Why the Other Options Are Wrong
Option A: First Home Grant, which is still paid by Kāinga Ora to eligible buyers.
The First Home Grant closed to new applications on 22 May 2024.
Option B: First Home Partner, which is open to new applicants who lack a deposit.
Kāinga Ora says First Home Partner is fully subscribed and its page now serves existing customers only.
Option C: None of these, since all Kāinga Ora first-home help ended in 2024.
First Home Loans remain available through participating lenders, and KiwiSaver first-home withdrawals continue.
Background Knowledge for Finance
Source: https://kaingaora.govt.nz/en_NZ/home-ownership/first-home-partner/
Exam Tip for Finance
Know what is open and what has closed: Loan open, Grant closed, Partner full.
Common Mistakes to Avoid on Finance Questions
- •Telling buyers they can still apply for the First Home Grant.
More Finance Questions
What is the current standard LVR (Loan-to-Value Ratio) restriction for owner-occupier residential property purchases in New Zealand?
What is a key advantage of a revolving credit mortgage facility?
When assessing a mortgage application, which factor is typically given the highest priority by New Zealand lenders?
James has been contributing to KiwiSaver for 4 years and wants to withdraw funds for his first home. His KiwiSaver balance is $45,000, but $15,000 consists of government contributions and employer matching. What is the maximum he can withdraw for his house deposit?
What is the main advantage of a table mortgage compared to an interest-only mortgage?
- → What is the maximum amount a first home buyer can withdraw from their KiwiSaver account for a house deposit?
- → What does LVR stand for in New Zealand mortgage lending?
- → What is the key difference between a table mortgage and an interest-only mortgage in terms of monthly payments?
- → A bank checks how much of a borrower's gross income would go on debt repayments. The borrower earns $80,000 a year, already pays $800 a month on other debts, and the new mortgage would cost $2,200 a month. What share of gross income would the repayments take?
- → Sarah earns $80,000 annually and wants to borrow $400,000. What is her debt-to-income ratio?
- → A property is valued at $600,000 and the buyer has a $100,000 deposit. What LVR would this loan represent?
- → Which of the following is NOT typically considered by banks when assessing lending criteria?
- → How long must a KiwiSaver member have been contributing before they can withdraw funds for their first home?
- → Which type of mortgage allows borrowers to make additional payments that can be re-borrowed later?
- → A couple with a combined income of $120,000 wants to buy their first home for $650,000. They have a 15% deposit. What is their LVR?
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