Industry wary of KiwiSaver changes

The Government announced at the weekend that the laws would change so that people who have jobs where accommodation is provided can still use their accounts to buy a house.

The rules have previous required that people withdrawing money for a first home do so with the intention of living in it.

"Workers in service tenancies, such as farm workers, rural teachers, country cops, and defence personnel, have effectively been locked out of first home withdrawal because their jobs require them to live in employer-provided housing," Finance Minister Nicola Willis said.

“That’s not fair, so we're making a technical change to the KiwiSaver Act to ensure workers in service tenancies aren't denied the opportunity to put a foot on the property ladder.