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KiwiSaver airborne

KiwiSaver, the government's cornerstone savings policy has officially taken to the air.

Thursday, August 31st 2006, 9:37AM
Parliament passed the KiwiSaver Bill yesterday by 71 to 48 votes with just the National Party voting against it.

Finance Minister Michael Cullen says the scheme is "an important milestone towards helping hundreds of thousands of New Zealanders secure their financial future."

"I am proud of KiwiSaver. It is a landmark policy which will make a real difference to the retirement dreams of thousands of New Zealanders."

"The National Party was the only party to vote against KiwiSaver. It is sad to see National so divided over the issue of saving that they voted against KiwiSaver despite a number of its members indicating they might change their minds and support the legislation at the third reading.

The workplace-based saving scheme will start on July 1 next year. The scheme will be voluntary, and those who enrol will get a $1000 start-up grant from the Government and help with a deposit to buy a home.

Employer contributions will be tax exempt and some of the savings can be used for mortgage payments.

National's finance spokesman, John Key, said he knew people had "savings issues" which needed to be addressed but he did not think Kiwisaver was going to work.

Key has criticised late changes to the bill saying letting people use their savings for mortgage repayments had changed it into a cheque account, and people would increase their mortgages when they had paid some of it off.

He has also described the late change to the bill making employer contributions tax exempt was a desperate attempt to generate some good news for the Government.

« SOS sent to CullenKey accepts there is a savings problem »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
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BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 1.99 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.79 3.15
SBS Bank Special - 2.29 2.29 2.65
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The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
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TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
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Westpac Special - 2.29 2.69 2.79
Median 4.54 2.79 2.99 2.96

Last updated: 15 February 2021 8:47am

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