National promises to let under-30s raid their KiwiSavers for rental bonds
National is promising to allow people under 30 to use some of their KiwiSaver savings to pay for rental bonds.
National’s housing spokesperson Chris Bishop said getting together four weeks rent in advance for a tenancy agreement “is not easy for many people, particularly for students and young graduates, who don’t have a lot of cash”.
This is the same Chris Bishop who said he wasn’t renting from family when he was (he claimed his in-laws weren’t family), this is the same Chris Bishop who claimed National’s plan to allow Landlords to evict tenants with no reason was designed by people who work with the homeless…
…so anything Chris has to say about renters is about as convincing as cancer complaining about chemotherapy.
What this policy really highlights is how out of control the rental market actually is that you have to rob your pension fund to get a fucking rent bond!!!
The irony is National are the Party of Landlords and they will make the rental market far more damaging and difficult for renters with their new rules to throw tenants out with no reason and remove all the healthy home rules.
This isn’t a solution, it’s a symptom of sick rental market.
Increasingly having independent opinion in a mainstream media environment which mostly echo one another has become more important than ever, so if you value having an independent voice – please donate here.
If you can’t contribute but want to help, please always feel free to share our blogs on social media
The rental market rules should only be made by the politicians that DON’T own rental property. And are not in bed with Lobbying peeps.
That would include Hipkins who owns three properties…
And Judith Collins who owns 5 and David Bennett who has 7 including multiple farms.
“Look a pot of money, quick lets steal it!”
Yes RC I agree, it’s National providing another revenue stream for landlords.
say the banks and landlords, rat
This policy will help those who need help to get a deposit together, to do so and get a roof over their heads.
You- and National- should admit the real policy- if you want to get a deposit together, just get richer parents.
Cheaper rents & lower bonds would help them more. This is a subsidy to landlords from the future pension fund of the tenant.
At least it is a half pie acknowledgement of the move-in costs that tenants face and is some sort of effort to help people meet them.
And I am sure that a young person would rather have a roof over their head than a pot of money they cannot access till their are 65.
With pension funds if you spend the money now you will not have a pot of money in the future. maybe a tablespoon if you are lucky.
Maybe it is a question of not making the right choices. KiwiSaver was always about saving money. One usually saves money to procure what one needs.
Then again, maybe there was an ulterior motive behind the creation of KiwiSaver.
+1
National inviting desperate renters to crack open their pension savings to keep their parasitic landlord friends happy.
Kiwisaver savings have a component of govt.money.
So in other words, National are using our tax money to insure (& I use that word deliberately) landlord profits.
A new tax, brought to you by National.
What utter rubbish.
The bond never goes to the landlord unless the tenants trash the place or skip off without paying rent. Tenancy Services, a government body, hold the bond so how does this measure increase landlord’s profits?
It enables someone to rent a property who normally could not afford to, thereby increasing demand and inevitably rents.
It means a desperate tenant can lift money from their precious retirement savings to meet the criteria for signing a lease that otherwise they might not have.
Retirement savings that have a government contribution made from – you guessed it – our taxes. Therefore indirectly, our taxes help a landlord secure a lease, and thus guarantees ongoing profits for them.
And by the way National, how are you going to replace the now unearned interest that money would have been earning if left in Kiwisaver?
Even the most stupid right wing nut job can who’s winning and who’s losing in this little subterfuge. This only supports the broken rental market – it doesn’t fix it. Not that that is National’s aim anyway.
The bond is paid to the landlord who is supposed to pass it to Tennancy Services; it is not unheard of for the landlord not to pass the bond on. I wonder if any figures are available for this failure, and what the penalty is for not doing it.
Surely, Labour sorted that out with all their new compliance rules.
Based on the performance over the last nearly five years I would say there is 100% compliance…….. then again, which minister was in charge of this?
What happens if for some reason they lose the bond , how many times can they access the bond for how many different flats,
Great question. I would like to know the percentage that do get their bond back? I’d suggest very low and thus why this is a scam.
Seriously, do these guys have any idea on the amount of work that banks and the Kiwisaver fund supervisors have to do to allow customers to access their kiwisaver for hardship or first home withdrawals? And they want us to do this!!!
break into your old age savings and hope you don’t make 65
jkt all freeing up kiwisaver money will do is throw petrol on the house price bonfire
Another landlord subsidy.
It achieves nothing.
So will they increase the number of weeks of advanced rent to be paid. I’m guessing that’s the other part of the proposed legislation that they haven’t talked about??
Didn’t they try this on, the last time that they were in government?
Not a terrible policy. But not too sure it is restricted to under 30’s.
No, it’s not a terrible policy it’s a damned stupid short- term policy millsy. And I listened to Luxon’s interview on RNZ this morning he should be called Doctor death or maybe Doctor doom highly exaggerated and way over the top with his comments on inflation he was acting like we are the only country with inflation issues.
” Not a terrible policy. ”
Raiding money that is being saved to assist in retirement to pay landlords an excessive bond !
” This isn’t a solution, it’s a symptom of sick rental market. ”
And sick individuals who think its a great idea.
A lot better than having people scrabbling around for cash to fund a bond.
And good luck in getting landlords to charge less for a bond.
The tenancy reforms, despite the screaming, were quite moderate.
Yes but it was only made sick because of the rent subsidies.
I have no idea which government introduced it, but it has just provided an ongoing inflationary effect on rents and by extension house prices.
Rents and house private so high because of rent subsidies.
Without that, landlords would be unable to charge such high rents and house prices would drop.
This is just another example of good intentions leading to a stupid idea.
No good intentions, they just want to screw the young to feed their rich old support base.
Glad you can see the good in a National policy shows you are not totally one eyed
Wow, they’re not even bothering to hide their scumbaggery.
Next they should allow us to use our kiwisavers for a first home that we don’t actually have to live in for 6 months, so we can all enjoy being scumbag ladlords (ie: in the cheaper towns away from main centre’s where we work).
Yet another stupid idea from National as a way of keeping the housing pyramid scheme going for their landlord mates.
Luxon must be doing it tough with his 7 properties. Capital values have plummeted and rents are overpriced.
A recipe for a bad investment! He keeps telling us he’s good with money.
Clearly he’s strictly average and clearly he doesn’t know that everything inevitably gravitates to the mean.
If N.Z are stupid enough to vote this newbie in then they deserve all they get!!
“is not easy for many people, particularly for students and young graduates, who don’t have a lot of cash”.
The immediate answer to this is much higher wages so ordinary workers and young graduates and young students have enough ordinary money to pay bond and rent. You can’t rely on National for a decent pension, you can’t rely on National for decent wages and you can’t rely on National to help you save for retirement.
The next answer is to scrap landlordism. Limit home ownership to one home per family or individual. Make multiple home owning landlords divest during one term of government. Cause a property slump to enable renters and first home buyers to purchase houses. Have Kainga Ora use governments borrowing ability to supply low interest loans to first homebuyers. Set the Treasurer and Minister of Housings KPI at 90% of the population owning there own home. Give the huge majority of the people the ability to own their own home and have stake in the ground of society. The alternative is Blackrock and private equity buying up all the homes and turning us into a nation of alienated renters.
National’s next step will be to increase the retirement age to offset this policy and their coalition partner ACT will abolish Kiwisaver altogether joseph.
Good luck NZ you get what you vote for.
Is that you NSC?
Is that you Kraut/ I’m right/ wrong?
Hilarious,copying again,NSC.
Yep you are a funny fuck alright Bob.
The cost of shelter is crippling this country. Effing people farming parasites and immigration spruikers won’t be happy until we’re all renters and 1% own everything. A co-operative housing model under Kainga Ora will stop it dead but Labour are too useless and National too stupid, and both too captured.
Kainga Ora are taking Wellington CC to court to be allowed to build on flood plains .In light of cyclone Grabrielle this does not seem like a good idea
Isn’t the whole hutt valley a flood plain.. ditto Kapiti. Wellington is a bit of a weird one with its topology. From what I’ve read on the surface, Kainga Ora want to intensify on their existing properties but the nimbys at WCC don’t want a bar of it. A warm dry shoebox is better than a wet cold street.
Yes, Trinity a floodplain that is getting a $75 million dollar fix up so don’t you worry we will be fine.
National have an appalling record with superannuation and Kiwisaver. Remember this beauty…
“The KiwiSaver scheme, which was introduced by the previous Labour Government, has gradually been pared back over several budgets by the National-led Government. The biggest changes came in 2011, when National removed the tax exemption for employer contributions, halved the member tax credit and raised the minimum contribution rates from 2 per cent to 3 per cent.”
No mention of the elephant in the room.
Kainga Ora is the worst landlord in the country, with,
1. Poor standard homes that get out of the Healthy Homes policy
2. Violent and criminal tenants that are allowed to intimidate and abuse neighbours with no repercussions
3. Tenants on six figure salaries refusing to move on despite in need families in desperate circumstances living in motels next to gang members
The govt need to sort their own crap out before criticizing private landlords.
Finally, an intelligent comment.
The ignorance of basic economics from commenters on the left astounds me.
Without private landlords when do you expect people who cannot afford a house to live? The current government promisewd 100,000 houses. How’s that workinhg out so far?
I’m guessing kainga ora tenants would know more about basic economics than you do. Any fool with capital can play property monopoly. It takes intelligence to find answers for those who don’t have a silver spoon stuck up their arse.
What I want to see is a Party with a policy that enables people to buy rather than rent. We have had declining home ownership for many years, this being one of the major factors in increasing inequality.
National have a track record for wrecking superannuation they can’t be trusted on this issue.
How people spend their own savings…?
Shit, there I was thinking I am smart enough to decide how I spend my own money.
Take an eternity for this Government to sort its mess out BG.
Baby, Gerry.