Bayly, fund managers on KiwiSaver for tenancy bonds

The party’s housing spokesperson, MP Chris Bishop announced the intention to students at the University of Auckland. Under the policy students would be able to transfer money from their KiwiSaver to Tenancy Services and return it to their savings when the tenancy ended. They would also be able to transfer the bond to a new tenancy.

National’s finance and commerce spokesperson Andrew Bayly, says he did not know if KiwiSaver Scheme managers had been consulted as the initiative was led by Bishop.

“The demand came from younger people, and particularly our young Nationals who said that for a lot of people, coming up with a bond is really difficult. And so it was a demand driven policy.”

He says National was concerned that people do not withdraw money and not return it to KiwiSaver.