The Government has created a special financial package, to help people building their first home with the cost of their home loan.

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This initiative is called E kāinga toku – I have a home.

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The Government will provide a cash grant to eligible applicants, to help with the cost of their home loan repayments. The grant is set at $13,800 per recipient. This will be paid in five equal annual amounts ($2,760 a year for five years). It will be paid directly to a borrower’s loan facility, to help offset their borrowing costs.

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Applicants must meet certain eligibility criteria, including limits on the size of the loan and of the house being built. These criteria are in addition to banks’ usual commercial lending criteria, checks and requirements.

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Applications are now open

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The funding for this initiative starts in the 2025/26 financial year. Applications for the first annual funding round opened on 1 July 2025.

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Applicants must have a mortgage that has been approved on or after 1 July 2025. Applications must be submitted before construction on the house starts.

 

A maximum of 20 new grants will be approved each year, for five years.

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How do I apply?

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Applicants need to complete a form, and submit this to the Ministry of Finance and Economic Management (MFEM) along with required documentation. You can submit it by:

 

• Email to Tooukainga.mfem@cookislands.gov.ck

• Hard copy to the Economic Planning Division office, Ministry of Finance and Economic Management, PO Box 120, Avarua, Rarotonga.

 

What happens next?

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MFEM will let you know that they have received your application, and the timeframe for processing. Applications received by the 10th of the month will be assessed by the 20th of the following month.

 

Applications will be processed and approved in the order they are received by MFEM, until the annual funding cap is reached each year. MFEM will assess each application against the eligibility criteria and make a recommendation to the Grants Committee. This Committee will make final recommendations, which will be approved by the Financial Secretary. MFEM will then let you know the outcome of your application.

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