More than 400 first home buyers in Dunedin have used a new government assistance initiative in its first year.

There have been 413 locals who've accessed grants through the HomeStart scheme since it was launched last April.

It replaces the KiwiSaver First Home Deposit Subsidy.

Eligible buyers can apply for up to $10,000 for a deposit on an existing home and twice that amount for a new build.

Locally $2.3m in grants has been allocated.

Nationwide almost 12,000 people have received a total of $55.6m.