KiwiSaver Bill gets first reading

The Taxation (KiwiSaver HomeStart and Remedial Matters) Bill also doubles the subsidy available for first-home buyers if they are purchasing a new home, from $5000 to $10,000.

It increases the house price caps to $550,000, $450,000 and $350,000 for Welcome Home Loans and the KiwiSaver HomeStart Grant subsidy.

Building and Housing Minister Nick Smith said it would enable tens of thousands more young New Zealanders to get a deposit together for a first home.

Revenue Minister Todd McClay said the biggest change was the move to allow savers to withdraw the Government’s member tax credit as well as their contributions.