KiwiSaver Mortgage Diversion is almost with us. Many KiwiSaver members become eligible after contributing for 12 months and final sign off by the Bank’s and Government is expected shortly.
Mortgage Diversion will allow up to half of a members personal KiwiSaver contributions to go towards paying off the personal mortgage on their home, so long as the mortgage provider and their chosen KiwiSaver provider offer this facility.
Not all mortgages will qualify for Mortgage Diversion under KiwiSaver regulations, e.g. currently KiwiSaver contributions cannot be diverted into a mortgage that contains a revolving credit facility or a mortgage secured over a property held in a family trust. It is also limited to a saver’s principle residence (i.e. the family home). Secondary properties like holiday homes, investment properties and LAQC’s are excluded.
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