Managing your KiwiSaver account: Top tips to get the most out of your KiwiSaver
08 July, 2016
We'll take care of it
Each year KiwiSaver clients may be entitled to receive a government contribution to their KiwiSaver account. Earlier this week we started the process to claim the annual government contribution on behalf of all eligible members for the year ending 30 June 2016.
The great news is these claims are already being processed and we'll be allocating them to your KiwiSaver accounts soon. This is a great incentive to be with KiwiSaver.
Happy 9th birthday KiwiSaver!
Nine years ago KiwiSaver was introduced creating a new way for New Zealanders to save for their retirement. On 1 July, KiwiSaver blew out the candles for its 9th birthday, while its age is still a single digit its other numbers shine:
- Over 2.6 million Kiwis are enrolled in KiwiSaver — well ahead of expectations.
- Collectively with the help of our employers and the government we've saved over $33 billion.
- $250M was withdrawn by 16,000 Kiwis to help them buy their first home last year.
KiwiSaver is a great way to save for your retirement or your first home. It's simple and makes saving accessible for almost everyone. Thanks to all of our clients for choosing to take your KiwiSaver journey with Fisher Funds. We really appreciate your support!
Positive change to second chance home buyer eligibility criteria
It just got easier to qualify as a second chance home buyer. On 1 July 2016, the income cap for previous homeowners wanting to access their KiwiSaver contributions to purchase a new home was removed, so they no longer need to meet the income caps of $80,000 for sole purchasers or $120,000 for two or more purchasers.
Other criteria remains the same, including being able to meet the test of having releasable assets less than 20% of the regional house price for their area. Applicants will also need to complete a KiwiSaver first-home withdrawal determination application form, prior to contacting their KiwiSaver provider.
For those applying for a KiwiSaver HomeStart grant, the income caps are still in place.