Kiwisaver - Can't use savings as a deposit!

[Gareth123]

I rang my kiwisaver provider yesterday so that I could have my account reset, I'd stuffed up a few times trying to log in. So while I'm waiting for the lady to do her thing I asked "Whats the deal with using your Kiwisaver savings as a deposit on a home? Are you able to do that?" I was told that no you couldn't do that but if you in the scheme for 3 years you qualify for a $3k subsidy or $5k after 5 years!

Bastards! I want my $4k now to put on a home as a deposit, not have to wait another year and a half! And I'll only get $3k! That's my bloody money! I want it now!:2guns:

Rant over.

[ManDownUnder]

But Kiwisaver's the greatest - just ask anyone (but don't look at the performance, or availability of money or the transparency of financialy reporting...)

Apart from those totally insignificant issues - we should all be signed up. Just ask anyone (selling it).

[YellowDog]

I wouldn't wait year and a half. IMO - Prices will start to rise again next year making your $3 or $5K insignificant.

I am sure there are some situations where KiwSaver investment is worthwhile?

[Swoop]

Change to a proper bank.

One that has its own branches and dosent fucking well parasite on the back of a Postshop, which eventuates in their customers getting pissed off when having to queue up behind some mouth-breathing cretin who cannot pay their telephone bill online.
/rant.

[Mully]

Change to a proper bank.

One that has its own branches and dosent fucking well parasite on the back of a Postshop, which eventuates in their customers getting pissed off when having to queue up behind some mouth-breathing cretin who cannot pay their telephone bill online.
/rant.

Kiwisaver, Swoop.

Not Kiwibank.

[ManDownUnder]

I am sure there are some situations where KiwSaver investment is worthwhile?

Hell yes - for drop kicks that piss their savings away every Friday night. Then it's brilliant!

[HenryDorsetCase]

Change to a proper bank.

One that has its own branches and dosent fucking well parasite on the back of a Postshop, which eventuates in their customers getting pissed off when having to queue up behind some mouth-breathing cretin who cannot pay their telephone bill online.
/rant.

or that regards it as acceptable to have the customers spill their guts to a postal clerk in an open plan shop when applying for anything.

[Morcs]

All funds of Kiwisaver are invested, and the last time I checked, basically ALL risk levels of Kiwisaver investments had made a loss.

Much better ways to invest money IMHO.

[Blackshear]

I'm opting out once I get another job.
What happens to the money already in there iffin you opt out?
Sick of these fuckers stealing my money, I'll die before I'm 65, STOP STEALING MY FUCKING MONEY!

[Marmoot]

I'm opting out once I get another job.


Forgive my ignorance if I'm wrong, but as far as I know of you canNOT opt out once you opt in.

You can only ask for a "payment holiday" or some sort, for a year if I remember correctly.

And for those who are not opted in yet, remember if you change your job you have to re-opt out to keep being opted out. You have 21 days or so from the start of the new job.

[steve_t]

Kiwisaver isn't "your" money anymore. It's the government's. Labour brought it in to hide the massive deficit it would have had to announce. It's just more tax. They'll invest it on your behalf and pocket all the associated fees. You'll get "your" money when you turn 65. I don't reckon I'll get to 65 so I'm not in Kiwisaver.
Yes, Kiwisaver funds have made a loss to date but 'should' increase in value over the coming decades (wonder by how much after adjusting for inflation). I guess it depends on whether you think you can invest your contribution better. The free money from the government ($1043 max) and the extra from your employer need to also be taken into account.
Also watch for the retirement age to be lifted and news that you'll have to wait even longer to get 'your' money.

[Blackshear]

Forgive my ignorance if I'm wrong, but as far as I know of you canNOT opt out once you opt in.

You can only ask for a "payment holiday" or some sort, for a year if I remember correctly.

And for those who are not opted in yet, remember if you change your job you have to re-opt out to keep being opted out. You have 21 days or so from the start of the new job.

I opted out once, so I figured I didn't need to opt out again for my other job 6 months ago. Was pretty fucked off when I got a CONGRATULATIONS ON YOUR KIWISAVER letter.

Shit like this makes me fucking rage hard, man.
No way in hell is my money still gonna be there IF I get to 65.

[rosie631]

some mouth-breathing cretin who cannot pay their telephone bill online.
/rant.

LMAO. Jeeze that's a bit harsh ain't it?:laugh:

[rosie631]

Forgive my ignorance if I'm wrong, but as far as I know of you canNOT opt out once you opt in.

You can only ask for a "payment holiday" or some sort, for a year if I remember correctly.

And for those who are not opted in yet, remember if you change your job you have to re-opt out to keep being opted out. You have 21 days or so from the start of the new job.

Yep, I think you're right. Unless you get out within 21 days you are stuck with it. Fuckin rude

[Swoop]

or that regards it as acceptable to have the customers spill their guts to a postal clerk in an open plan shop when applying for anything.
Quite correct.
I can plainly see their transactions in progress and the types of bills they are paying.
Yay for "open plan" transactions. Just let me post my bloody parcel!

[Morcs]

Basically I believe it is a way to pay your state pension in the future rather than anything else.

Look at it this way, the population is getting older - people are living longer, dying less, and are having less kids.

Gradually the ratio between pensioners and tax payers is going to change, and the tax payers will no longer be able to pay for the amount of pensioners - so this money the government is conning out of people, is to help offset that case in in the distant future. IMHO.

[Blackshear]

Basically I believe it is a way to pay your state pension in the future rather than anything else.

Look at it this way, the population is getting older - people are living longer, dying less, and are having less kids.

Gradually the ratio between pensioners and tax payers is going to change, and the tax payers will no longer be able to pay for the amount of pensioners - so this money the government is conning out of people, is to help offset that case in in the distant future. IMHO.

Aging population. I remembered something from school!

But I want MY money. Not MORE tax. 12.5 + 4%? I think.

[Marmoot]

Not MORE tax. 12.5 + 4%? I think.

Kiwisaver is a Stupidity Tax. :whistle: