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  1. Post
    #1

    KiwiSaver - 3 Years contributed or since first deduction?

    Hey guys,

    Me and my partner are purchasing our first home. We've applied for both our Housing NZ grants so we'll find out within a week anyway but thought I'd ask if any of you knew now to stop us worrying.

    I've been in for 7 years so can receive 5K grant and full withdrawal.
    Partner has been in for 4 years but for a while an employer hadnt put her in KiwiSaver so there's some months missing which brings her contributed time to 2.85 years which is under 3 total.

    What I want to know is it used to be 3 years contributed total, but reading up on the KiwiSaver website it just says "Must have been in KiwiSaver for 3 years". Do they mean since first deduction? Since she technically has been in it for over three.

    We're not reliant on the grant and more so her actual funds in KiwiSaver.

    Any help would be great.
    Cheers

  2. Post
    #2
    Pretty sure its from first transaction. Since regardless of if there are any deposits, she is still a member if there is funds in there.

  3. Post
    #3
    I read it as 3 years contribution, not last 3 consecutive years. But what do I know. Contact Kiwisaver for clarity

  4. Post
    #4
    It's 3 years membership. You can even take a contributions holiday in that time and still be eligible. Source - I did that.

  5. Post
    #5
    bob69nz wrote:
    It's 3 years membership. You can even take a contributions holiday in that time and still be eligible. Source - I did that.
    Cheers my man.
    That's what I was thinking with how it was worded but wanted some clarification before hearing back from kiwisaver as they do take a few days.

  6. Post
    #6
    Not 100 percent sure, but when we applied I wasnt eligible even though I had been in there for 3 years. There were some months when I hadnt contributed the minimum so they didnt count. I found out myself that I could make a payment which offset those months and allowed me to be eligible. Bit of an f around really.

  7. Post
    #7
    To be eligible for the HomeStart grant, KiwiSaver members need to contribute the minimum percentage of their total income (currently 3%) for at least three years to their KiwiSaver scheme, complying fund or exempt employers fund. Members are required to contribute regularly in each of the years that they are making payments, however contributions do not need to be consecutive in order to qualify for the HomeStart grant. For those earning no income, contributions for those periods will need to be made of at least the minimum percentage (currently 3%) of the minimum adult wage, based on a 40 hour week. If no voluntary contributions are made during periods of non income, then that period will not count towards eligibility for the HomeStart grant.

    Going by what you have said she is not eligible at present.

  8. Post
    #8
    Hi All,
    My kiwisaver is with ASB at present. It seems to be doing ok under Growth fund. There aren't much information I can find about the investment return and fee etc... So I have no idea how ASB is doing compare to other provider. Just wondering who you are with and whether you are happy with the return etc...

  9. Post
    #9
    Don't they provide you with monthly and annual reports?

  10. Post
    #10
    Knack, have you tried Interest.co.nz?

    Im with ANZ growth, and considering Simplicity for its lower fees.


  11. Post
    #12
    Haisley wrote:
    Don't they provide you with monthly and annual reports?
    I think they may have sent me letters...

  12. Post
    #13
    swazi wrote:
    Knack, have you tried Interest.co.nz?

    Im with ANZ growth, and considering Simplicity for its lower fees.
    I'm going through and review a bunch of my financial stuff from banking, insurance to investments. Will be axing things and move to different providers if they offer better deal. Heard good thing about simplicity so will look into it. A cheaper management fee will make a significant difference over the life of the investment esp long term like kiwisaver.

  13. Post
    #14
    Have you considered using a broker?

  14. Post
    #15
    KevinL wrote:
    Have you considered using a broker?
    We use broker for some of our insurances. Do u have one you can recommend?