Quote Originally Posted by CatO'Tonic View Post
Don't forget first home buyers whose chances of buying rest on their decimated Kiwisaver accounts....
1st home buyers don't typically use what they've saved in Kiwi Saver. To meet their 20% deposit at the bank, most I see do it with accumulated savings from work income. Because the net 6% of their annual income contribution is not a lot when a house is $500K to $1M pending where you live.

As I mentioned in other posts, the biggest problem is ethics in the Kiwi Saver scheme where managed funds still charge a fee in times when the market crashes. There should be NO reward for that just like in the same way if a tradesman screws some kitchen work, or plumber causes damage, or a mechanic didn't fix the car right ; NO ONE should be rewarded or paid for have underperformance in a managed fund. Likewise, NZ's FIF should not tax these funds on negative paper losses (is that ethically right?).