Kiwi Saver

[mossy1200]

Kiwi Saver Scheme just stiffed me.

Im applying for home loan.

I had a house with my ex in 1999 but have been renting ever since.
My wife has never owned one.

I cant get first loan withdraw money but I can apply for 2nd chance

Problem is income needs to be under 100k

Due to the fact I changed jobs and had my Holidays paid out December last year it pushed my income to 103. So I cant withdraw my Kiwi Saver money as part of a deposit.

Now I need to wait until after December and re-apply once the large payout expires from the last 12 months income figures.


I kind of think this is a bit stink and its Housing New Zealand not my Kiwi bank supplier that holds the power.
Isnt it their job to help people get into a house.


This policy punishes people who take on extra hours or second jobs to save a deposit.
The 100k limit is for a couple which one has owned a home before.
They justify the second chance withdrawal rules as making sure the home buyer is in the same position as a new home buyer.

Isnt renting for the last 13 years enough proof that im in the same position?

[flyingcrocodile46]

I feel your frustration. Rates are pretty low and I hear that banks are keen to lend to people on low deposits. Perhaps you should talk to a bank or mortgage broker. (the up side of the income blow out?).

Good luck and perseverance, you will get there.

[Ocean1]

This policy punishes people who take on extra hours or second jobs to save a deposit.

As long as a majority keep selling their vote to the highest bidder you'll continue to be punished for working hard. Either get used to it or join the 55% of the population who take more tax than they contribute.

The news gets worse, you won't be retiring either.

[mossy1200]

I feel your frustration. Rates are pretty low and I hear that banks are keen to lend to people on low deposits. Perhaps you should talk to a bank or mortgage broker. (the up side of the income blow out?).

Good luck and perseverance, you will get there.

Ta

We have enough for a deposit but my Kiwi Saver is only returning 2% last 12months and the charges for running it takes that money so it would serve me better to have 12k less on a mortgage.
Also because we included it in our pre approval stage (which is now cleared) with the bank it means we have to re-apply with different figures or wait until Housing NZ gives us the ok to use it once we get the last 12months under 100k.

One option would be that I take 3 weeks off work unpaid so that at the end of October its under.
Another is to wait until December when the extra 6k drops away which will put me under also.


The thing that is hardest is that we were about to put a tender in on a house and we will have to let that one go now.

[mossy1200]

As long as a majority keep selling their vote to the highest bidder you'll continue to be punished for working hard. Either get used to it or join the 55% of the population who take more tax than they contribute.

The news gets worse, you won't be retiring either.

Im partly to blame by doing as much overtime as possible this last year. I paid more tax to have less options for the future.

[Rhys]

Im partly to blame by doing as much overtime as possible this last year. I paid more tax to have less options for the future.

Welcome to NZ, penalize those work hard, and if you earn over 50k you are classed as rich


I would talk to a mortgage broker, they can often "pull strings"

[pete376403]

Ta

We have enough for a deposit but my Kiwi Saver is only returning 2% last 12months .

Not that this has any bearing on your house finance problem, but, I was of the opinion that Kiwisaver returns were pretty shit as well however overall it's not too bad. Since the 39 months since I joined I've deposited is about 18K and the overall total is 28K. I can't think of too many other investments that would return 10K after tax in three years. (apart from buying classic bikes, p'raps?)

[Maha]

With Kiwisaver, if you fall behind in your payments, it such a biggie, you just infracted....

[blue rider]

I thought Kiwi Safer was supposed to provide retirment funds when one hits 65?
And in what profession are over hours still paid. I work for an "iconic" NZ brand, but anything above 40 hours worked the company considers as a charitable donation to the company's wellbeing.

[oneofsix]

I thought Kiwi Safer was supposed to provide retirment funds when one hits 65?
And in what profession are over hours still paid. I work for an "iconic" NZ brand, but anything above 40 hours worked the company considers as a charitable donation to the company's wellbeing.

So you will be enjoying Labour Day and its celebration of the 40 hour week My companies the same and it amuses me how there HR systems can account for you doing 40+ hours in a week but have a spase attack and try double billing hours and all sorts of crazy stuff if you do 40- to claw some work life balance back. They use all the words but speak a different language.

Kiwi Saver always had the first home buyer provision, it was one of the carrots used to sell it to younger peoples.

[mossy1200]

Looks like I can apply for special consideration due to the fact my annual leave payout pushed me over the 100k limit which is easy to see in the ird 12 month earnings printout but they arnt promissing.
If not I can wait untill January when the Dec 2011 is no longer in the 12 month period which should be 99.5 and ok.
I just cant do much overtime in the near future or if I do hold it as time off for later.

[ducatilover]

I love the part where you're not allowed the money you've earned

[BoristheBiter]

And in what profession are over hours still paid. I work for an "iconic" NZ brand, but anything above 40 hours worked the company considers as a charitable donation to the company's wellbeing.

Blue collar work.
If I bill out overtime my guys get paid overtime.

[Akzle]

bahahahahahahahah

and you thought giving the government MORE money would help you....

[mossy1200]

It got worse. 20th rolled over and i was hoping i would have earnt less Aug 2012 than 2011 and it turned out I earnt more making the figures worse. Ill apply now but its not looking promissing.