Mortgage Diversion
Some provider funds offer a mortgage diversion scheme where some of the employee contributions can be used to make mortgage repayments instead of going towards Kiwisaver, after a person has been signed up for 12 months. This is only allowed for repayments on the main home, and not for other properties such as investment or holiday homes. Employer contributions will not be able to be used for the mortgage.
This option was abolished by the National Government that came into power in 2008, though employees who used this option prior to June 2009 can continue to use it as long as their provider offers it.
Read more about this topic: Kiwi Saver
Famous quotes containing the words mortgage and/or diversion:
“The mortgage is still in our name but, increasingly, the house is theirs. One diaper, one vote.”
—Fred G. Gosman (20th century)
“Without [diversion] we would be in a state of weariness, and this weariness would spur us on to seek a more solid means of escaping from it. But diversion amuses us, and leads us unconsciously to death.”
—Blaise Pascal (1623–1662)