Originally Posted by
blobbles
Depends on your situation, but you can get 250k guaranteed in Aus (as I understand) and can fairly easily open bank accounts in other countries. I have some in US/Aus and the same as you - mostly in Kiwibank. Kiwibonds and shares in companies that aren't overvalued and provide returns (power companies for instance) would be a good place to put cash.
We don't need a huge property correction in this country for our banks to be near enough to insolvent (60% of all lending in residential lending, 25% of which is interest only?), which is why you see the RB coming out swinging delivering more to the banks than they asked for or needed. In the long term the moral hazard of such actions is huge, in the short/medium term it still might not be enough.
I have a particular disdain for property spruikers who only a few months ago were forecasting even more price growth because of high migration, low interest rates, lack of supply and (in not so many words) loose lending policies. The first of those has likely disappeared, the second has hit the bottom and will probably go the other way, the third is about to get an AirBnB listing bomb combined with a heap of housing coming online that was being built for those yet to arrive migrants who may now never come. The fourth will be looked at very carefully by the RB during a downturn. Yet they are all saying the virus is a a minor kerfluffle, everything will be back to "normal" soon, forgetting it wasn't normal before. I am picking us to have an Ireland like correction, particularly as unemployment skyrockets.