Increasing mortgage repayments vs Kiwisaver

[Mully]

I dont know if that whats the tax deal is about , i suspect that it will be
of course well alll get it i suppose .
but i guess if you pay in to kiwi saver you ll get not really anything ,if thats they way they work it .

My finance manager said not to put in to it
go ask your self

I did some research and decided against it before it came in.

[homer]

Thats what id do
you get nz super as well remember , your already paying for that

Its a typical nz thing , i say it wont work , should be like its done in aussie

[Mully]

You need to have some savings as well as pay off the house, cause when you retire the money tied up in the house is only good for you if you sell it!

Yeah, but the theory is you keep it, and ride the capital value up. Once the kids leave home, you sell it, and buy a smaller retirement home keeping a nest egg in the bank.

[homer]

Yep which ever way you want to do it
the mortgage is saving ,or you save as well
i read the actuall document all i think it was 211 pages ?
and what it dosnt tell me and i stil ldont know ......Is how you get the fucken money

hows it payed back
i dont know . does anyone know
i know they say you get a lump sum , when ,how
theres so many unanswered Qs?

[barty5]

hows it payed back
i dont know . does anyone know
i know they say you get a lump sum , when ,how
theres so many unanswered Qs?[/QUOTE]

they dont they go bust before that happens and you loose it all just like the ones that have already (but im sure they will be thankfull for the use of your money in the mean time).

[homer]

hows it payed back
i dont know . does anyone know
i know they say you get a lump sum , when ,how
theres so many unanswered Qs?

they dont they go bust before that happens and you loose it all just like the ones that have already (but im sure they will be thankfull for the use of your money in the mean time).[/QUOTE]

you are so on to it m8
thats exactially what im thinking
its all basically going in to the share market , the govt sold well reserve bank sold a shit load of nz currency , to bring down the exchange rate in turn brings back inflation , yeah right
wheres that money gone now
and the interest rates are higher and the inflation rate is higher ....mmmmm
lets see , the fuckers lost a shit load of money
now whos going to pay for it

[tri boy]

A balanced portfolio of shares, savings, property has been proven for decades to be the best option.
Finn is dead right though. The financial sewer gates are fit to burst world wide.
Reduce credit card debt, try hard to save some cash, (ya gunna need it), and solidify mortgage/multi loans as best you can.
Housing values are going to drop maybe 10-30% depending on location, (but recover albeit slowly).
Most people will financially tip toe through the next 2-3yrs, (high risk property investors will scream though).
Fasten ya seat belts, the turbulence is just ahead. MHO

[homer]

A balanced portfolio of shares, savings, property has been proven for decades to be the best option.
Finn is dead right though. The financial sewer gates are fit to burst world wide.
Reduce credit card debt, try hard to save some cash, (ya gunna need it), and solidify mortgage/multi loans as best you can.
Housing values are going to drop maybe 10-30% depending on location, (but recover albeit slowly).
Most people will financially tip toe through the next 2-3yrs, (high risk property investors will scream though).
Fasten ya seat belts, the turbulence is just ahead. MHO

Yep the higest risk you ll hear first
i dont think the prices will drop as much as you think
after all it should be the time to buy now isnt it ?
oh yeah but the govt dont want us to spend ....lol

might buy another bike !

[bane]

WTF????

Kiwisaver is money for jam. With government and employer contributions the return is far higher than any mortgage interest rate! Even if the scheme you join makes nothing, the return is still 50%+ (due to government and employer subsidies)

Be smart.

1. If you dont trust shares, you dont have to invest in them. Choose the lowest risk cash funds. (i.e. 100% in cash and fixed interest). In the long run it will return less than a balanced fund, but you'll never get a negative return.

2. If you have a mortgage, choose a fund that offers mortgage diversion. This means you get all the tax advantages and subsidies of the Kiwisaver scheme, but can also divert up to 50% of your contributions to paying your mortgage.


... yes it would be nice if the government left us will all our money in the first place, but unless the Libertarians get in, it aint going to happen....

so join Kiwisaver!

[The Pastor]

yeah kiwisaver is great. esp cos im starting working, so i'll get the most out of it

But this is whats going to happen, employer puts in 1%, where is he going to get that 1%? your salary. you wont get a pay cut, you will just get your next pay rise at -1%.

[Ryder]

for those of you who are unsure about kiwisaver, you can call 0800 kiwisaver (0800 272 386) or visit http://www.asbbank.co.nz/story11392.asp ASB is the only bank that is a kiwisaver provider. alternatively you can go through other companies and your employer etc for more on that... http://www.kiwisaver.govt.nz/

i dont know if any of this helps but i certainly hope so

[Swoop]

True that, but I watched my brother turn a 30 year mortgage into 7 years with this method.

Correct. If you are disciplined about it and are not the "impulse spending" type of person, it can be very effective.
I changed over to it after not seeing enough progress on the typical table mortgage.
"Knocked the bastard off" and pissed off the personal banker who advised not to get that sort of mortgage.


For the average kiwi who enjoys going out and spending up large on the credit card, it is not the thing to have. You will be bankrupt in no time at all.

[Hinny]

given all the indicators, we're in for a rough time ahead, particularly with an over spending Government with third world fiscal policy.

The smart money seem to be cashing up. Shows a lot of confidence in the polls I'd say.

[vifferman]

for those of you who are unsure about kiwisaver, you can call 0800 kiwisaver (0800 272 386) or visit http://www.asbbank.co.nz/story11392.asp

Too late.
I just signed up for it on Monday.
I wasn't sure what to do, so I asked the vifferbabe. She tole me I had to.
But then, she is the ASB Bank KiwiSlaver X-Spurt, so I did what she said.

Wouldn't want to go agin her and miss out on nookie...
Personally, from a "look what the Gubmint did last time we had a super scheme" point of view, and also from a "lookit the backward trend of these investments the wife's cousin signed us up for twenty years ago that are steadily going backwards while his cut trends upwards" point of view, and also also "lookit how pharkt the stock market is at the moment" point of view, I reckon paying off your mortgage and keeping your debts low is a better bet.
That, or buying classic motorcycles.
They may not appreciate, but at least you could appreciate them...

[Strider]

Revolving credit can help get your mortgage payed of quicker.
But it takes a lot of self control and discipline to do it that way.
If you are looking at refinancing your mortgage then you best to talk to a broker. It don't cost you anything as they get payed by the bank that they find for you.