Thorners August Newsletter
Click on the link to see if your protection plan is complete August 2010 newsletter
Kiwisaver Three Years On
3 years on, over $5.5 billion invested across 1.4 million members and still 1,000 new members are signing up each day!
Do you need to speak with us to discuss your options?
KiwiSaver First Home Buyer Incentives now available
The 3rd Anniversary of KiwiSaver also marks the commencement of the first home purchase withdrawal facility and the first home purchase subsidy. From1 July these benefits became available to eligible members.
SAVING FOR YOUR FIRST HOME WITH KIWISAVER
While KiwiSaver is mainly about saving for your retirement, there are 2 benefits for KiwiSaver members who are saving for their first home.
Benefit 1: Savings Withdrawal To Buy A Member’s First Home
To help members with a deposit for their first home, they may be able to withdraw some or all of their KiwiSaver savings (except for the $1,000 kick-start and member tax credit).
Eligible criteria:
• You must have been a KiwiSaver member or a member of a complying fund for three or more years.
• You can only withdraw money to buy your first home – not an investment property.
If the member owned a home before, in some circumstances they may still be eligible to withdraw their savings. For more information the member can visit the Housing New Zealand website www.hnzc.govt.nz or call them on 0800 801 601 to determine if they are in the same financial position as a first home buyer.
Benefit 2: KiwiSaver First Home Deposit Subsidy
From 1 July 2010, after 3 years of contributing to KiwiSaver, members may be entitled to a first home deposit subsidy. The subsidy is administered by Housing New Zealand NOT the KiwiSaver provider.
The first home deposit subsidy is $1,000 for each year the member has been contributing to KiwiSaver, up to a maximum of $5,000 for five years. If they are a couple buying a house together and they both qualify for a subsidy, they can receive a combined subsidy of up to $10,000. Income and house price caps will apply.
To be eligible for the first home deposit subsidy, the member must:
• have contributed at least 2% of their income to a KiwiSaver scheme, or a complying superannuation scheme, for at least 3 years
• be buying their first home*
• be planning to live in the house for at least 6 months.
* If they have owned a home before, in some circumstances they may still be eligible for the first home deposit subsidy. Housing New Zealand will need to determine that they are in the same financial position as a first home buyer.
To find out more, visit the Housing New Zealand website www.hnzc.govt.nz or call them on 0508 935 266
After They’ve Bought Their Home
Once they have made a withdrawal from their KiwiSaver account to buy their first home, they will remain a KiwiSaver member.
Considering KiwiSaver – need some quick pointers?
See the attached link for one minute of KiwiSaver tips…
Let us know if you need further advice.
Have life insurance but no Will?
Everybody with assets, particularly life insurance, needs to have a Will. Follow this link for some wise words.
Talk to your legal professional if you need further advice.
Thinking home equity release…
If you are considering a Sentinel Lifetime loan or just thinking about home equity release then there are some wise words to consider from this link.
Speak with Thorners if you have any questions.
Sentinel Lifetime Loan Interest Rate Change July 2010
Effective from 1 July 2010 Sentinels Lifetime loan interest rate will be 7.10% p.a.
This reflects the current market and continues to make the Sentinel Lifetime Loan a great choice for any retired New Zealander’s struggling with their cash flow.
Contact Thorners if you need finer details on the loan and how it may work for yourself or your parents.
Experience the Thorners “no fuss” planned approach to financial freedom and protection
www.thorner.co.nz
Thorners June 2010 Newsletter
Follow the link to read Thorners June 2010 Newsletter
KiwiSaver – the key to your first home
As we approach the third anniversary of KiwiSaver, many New Zealanders will be thinking about the tax free government housing subsidy available from 1 July 2010 – just one of the many benefits of KiwiSaver. In addition, members will be able to apply to withdraw their contributions to buy a first home or purchase land to build a first home. So, how does it work?
First home deposit subsidy
After 3 years of contributing at least 2% of their income to KiwiSaver, members will be able to apply for a one-off grant* of $1,000 for each year they’ve contributed to KiwiSaver. The subsidy increases by $1,000 per year up to $5,000. So, if they successfully apply for the subsidy after 5 years of contributing to KiwiSaver, they will receive $5,000. Eligible couples can also combine their subsidies up to $10,000.
First home withdrawal
After 3 years of being invested in KiwiSaver, members will be able to withdraw their own contributions and their employer’s contributions for a home deposit (excluding the $1,000 kick start and Member Tax Credits). It must be their first home not an investment property. There is no minimum contribution amount to be eligible for the first home withdrawal. And for those second home buyers, they may still be eligible to withdraw their contributions if they’re in the same financial position as a first home buyer.
If members are eligible for this fantastic offer, they’ll stay a member of KiwiSaver and continue to grow their savings while taking advantage of the scheme’s other great benefits.
For more information visit www.hnzc.co.nz or www.kiwisaver.govt.nz
* Income, house caps and other eligibility criteria apply.
Contact Thorners if you need any advice on KiwiSaver.
Thorners April 2010 Newsletter
Click on the link below to download our latest newsletter which features KiwiSaver.
Kiwisaver turns three very soon and has a huge following.
Click here to see why in the april newsletter
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