12 Mar 2020

Impact of Covid-19 highlights lack of knowledge about Kiwisaver

From First Up, 5:24 am on 12 March 2020

An Auckland mortgage broker says Covid-19 has highlighted that people need to do more to inform themselves about how their Kiwisaver accounts work, especially those wanting to withdraw the funds to purchase a first home. Uncertainty around the impact of Covid-19 has rattled sharemarkets around the world, leading to the biggest falls since the 2008 financial crisis. This has seen many people's Kiwisaver funds dip, particularly bad news for first-home buyers who want to withdraw funds now to get into a home. Auckland mortgage broker Heather Roney from Mortgage Ladies and Co, told our reporter Rachel Graham that 90 percent of her applications come from people who are reliant on their Kiwisaver funds to get their mortgage.