Kiwi Saver

[Berries]

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.

At this rate you'll be able to pay cash anyway.

[caspernz]

At this rate you'll be able to pay cash anyway.

Yep, change the short term outlook and be mortgage free in 5 years maybe?

[Berries]

Move to Bluff and be mortgage free now on that salary.



The only downside being the obvious one.

[DrunkenMistake]

Move to Bluff and be mortgage free now on that salary.



The only downside being the obvious one.

Haha, could buy up the whole town with that come of income..


We got caught out with Kiwisaver recently too, not the same situation, we got caught out by not been in the scheme long enough to withdraw the money for our first home, So I have a tidy 10k sitting there that isnt going to be used for another who knows how many years haha.

[swbarnett]

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

Not only Blue. I'm what you could call a white collar worker and we get paid overtime for any after hours work that can be legitimately on-charged to the customer.

[DEATH_INC.]

At this rate you'll be able to pay cash anyway.

I agree...I'm a little puzzled why you need your Kiwisaver money when you earn that much?

[mossy1200]

I agree...I'm a little puzzled why you need your Kiwisaver money when you earn that much?

Its a little bit want also. Seeing as its my money and saving interest on it is a better option than the poor results of the investment.
11k of the mortgage at the start is like 25k at the end.

Our combined earnings in Wellington isnt very high when good houses start 450k plus and every bit helps when you cant have a mortgage over 23 years long due to age. To save another 11k to make up the kiwi would take a while and make the mortgage period 22years instead.

[DEATH_INC.]

Its a little bit want also. Seeing as its my money and saving interest on it is a better option than the poor results of the investment.
11k of the mortgage at the start is like 25k at the end.

Our combined earnings in Wellington isnt very high when good houses start 450k plus and every bit helps when you cant have a mortgage over 23 years long due to age. To save another 11k to make up the kiwi would take a while and make the mortgage period 22years instead.

Ah...I see. That makes sense.

[mossy1200]

Ah...I see. That makes sense.

The point of the thread is that when I started kiwisaver it was to be partly for deposit(4 years ago).
At the time our income was well under 100k
The reasons its over this year is
A-I changed jobs and got 6 weeks annual leave payout plus my new jobs income in the same month dec 2011.
B-I worked as much overtime as possible to save extra money for house deposit.

Im not asking for the government home buy assist which is 1k free for every year of kiwisaver if your combined income is less than 100k

What I do want is my personal amount from my income that I put into kiwisaver.

I have enough for a deposit without BUT a large amount isnt avaliable until Jan15th so Im short of a deposit by a few thousand. I can solve this by being able to get my kiwisaver or selling my bike using that money then buying another bike with the money that cant be used as home deposit yet.

Its more frustration at the waiting while house prices have started to lift again.

[mossy1200]

Declined.

Talked to a rep today who will see if it can be moved up the scale of authority but it doesnt sound likely.

So much for a government thats spent the last week talking about getting people into their own homes.

[Batcerb]

Got to agree with you mossy, the system is not ideal :/

Back when it first came out, I was encouraged to join because if nothing else, it would be a great way to save for a house deposit.
Apprentices' who spend far too much of their pay on bikes don't think too much about long term saving.

Anyway, I'm now at a stage where I'm 1 month out from getting married, and looking at getting a place of our own - hopefully within 5 years or so. By now, I actually have a decent amount in kiwisaver, perfect for a deposit!
But here comes reality... I'm entitled to a maximum of 5k, and combined household income is close to 100k further puts that in doubt.
Despite that figure, were not "well off", save hard and are generally sensible.

As you said, the government are having a drive to get affordable housing, why not bend the kiwisaver rules slightly?

Sent from my HTC One V using Tapatalk 2

[mossy1200]

Got to agree with you mossy, the system is not ideal :/

Back when it first came out, I was encouraged to join because if nothing else, it would be a great way to save for a house deposit.
Apprentices' who spend far too much of their pay on bikes don't think too much about long term saving.

Anyway, I'm now at a stage where I'm 1 month out from getting married, and looking at getting a place of our own - hopefully within 5 years or so. By now, I actually have a decent amount in kiwisaver, perfect for a deposit!
But here comes reality... I'm entitled to a maximum of 5k, and combined household income is close to 100k further puts that in doubt.
Despite that figure, were not "well off", save hard and are generally sensible.

As you said, the government are having a drive to get affordable housing, why not bend the kiwisaver rules slightly?

Sent from my HTC One V using Tapatalk 2

I didnt apply for the 5k give away just my own contribution into the scheme back.
Im being told im not in the same situation as a first home buyer even though I have been renting the last 13 years.

100k combined income in wellington city isnt alot. It only just leaves you able to loan for a mortgage of 450k.
At below the 100k cap you would struggle to repay a mortgage in the city.

The government claiming to fix NZs problems by getting more people into their own homes feels like they are taking the piss out of me also.

[BoristheBiter]

The problems is everyone has been told what a great investment housing is.
So the houses already built will never be sold for less than they were bought (unless the bank says so).

And to build a house now everyone wants, 4 bedrooms, two bathrooms, fancy kitchens, gardens etc so again the price is higher than it needs to be.

[Ocean1]

And to build a house now everyone wants, 4 bedrooms, two bathrooms, fancy kitchens, gardens etc so again the price is higher than it needs to be.

I don't think invesment frenzy is the reason house prices are so high. Yes expectations have grown beyond what most should afford, but the fact remains that if the price of new 3 bdrm houses were reasonable then existing properties wouldn't cost what they do.

The cost of building is well over the top, and I reckon it's caused by the material supply monopoly and the local council development monopoly. Innapropriate and rising building code compliance costs don't help.

[mossy1200]

Sneaky

No more $1000 kick start.
They got that through quietly.

While on the topic my workmate had his second chance withdrawal approved to buy a new house even though he sold his house 2 months ago to buy a lifestyle block.