Bayly, fund managers on KiwiSaver for tenancy bonds
The National election promise will allow under-30-year-olds to use KiwiSaver for tenancy bonds.
Housing spokesperson Bishop announced the intention to students at Auckland University. Under it 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. There is a five year cap.
“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,” says Bayly.
He says National was concerned that people don’t withdraw money and not return it to KiwiSaver.
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