KiwiSaver boosting property sales
More than 10,000 first-home buyers used their KiwiSaver savings to put down a deposit on a house in the year to March.
Sunday, June 30th 2013, 3:52PM
That’s about twice the 5737 who did so in the year to March 2012.
The total amount withdrawn from KiwiSaver accounts for first-home deposits was $120.2 million, eight times as much a was withdrawn in 2011.
Housing Minister Nick Smith the scheme was making home ownership more achievable. It reached its sixth anniversary at the weekend.
``My message to young people aspiring to own their own home is that KiwiSaver works. It is a very positive result that to date the initiative has provided $217.6m of people's own savings and government grants towards the purchase of a first home.''
New rules, from tomorrow, require KiwiSaver providers to use consistent reporting methods to make it easier for savers to compare schemes and boost investor confidence.
Commerce Minister Craig Foss said: ``KiwiSaver schemes will have to report on fund performance, fees, asset allocation and other matters in a simple and standardised form. KiwiSaver providers will also need to publish the information in a consistent dataset that can be easily accessed.''
The first of the new statements will be published in October.
| « KiwiSaver schemes under scrutiny | Fidelity KiwiSaver sale rumoured » |
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