New Kiwisaver Rules: what the hell?
Accepting that I am not a fan of Kiwisaver – I am a little bit gobsmacked about new rules that the government have brought out, ensuring that Kiwisaver Providers:
are to have a direct duty of care to their investors and will have to provide regular updates on their investment performance, fees and asset allocation.
Ummm – you mean they don’t currently have to do this?
Thats outrageous! After all the problems that people have had in the last year or two losing all their money, a new scheme didn’t write in these rules in the first place?
It seems there is currently about $5bn invested in Kiwisaver funds. Thats a helluva lot of money that people have put into the hands of providers when it seems they don’t have a duty of care to the people investing with them. And it doesn’t say much for them them this had to be written into law, rather than them just behaving properly off their own backs.
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Worries over the New Silver Fern Visa
Well, I said it probably wasn’t as good as it sounded, and seems I’m not the only one concerned. Migrant Action Trust says:
“It’s too late when these people come here and realise there are no jobs. They get stuck here and the Government doesn’t care. It is left to people like us to pick them up
Because of course this visa doesn’t give you a job, nor is it likely to make it easier to get a job. You have 9 months, and if at the end of that you haven’t found work – you need to leave.
Besides all 300 spaces for this year were taken within 30 minutes of the new visa being opened for business. I have to say I think this was a monumental waste of government resources setting this up and placing such a tiny number of spaces. Unless the government is actually going to clamp down on people who come here with a tourist visa and look for work – I just don’t see the point of it myself.
With this visa you have to go through all the rigmarole (and cost) of getting through the Medical and Police checks – and yet you are not actually applying for a permanent visa – just the chance to see if you could get a permanent visa. And even then – it only gets you a WRT visa from the looks of things.
The worst thing is that INZ say as part of the requirements that you must:
- have a minimum of NZ$4,200 available funds to meet your living costs while you are here
Now I have no idea what planet they live on – but I think it is outrageous that they are still claiming you can survive in New Zealand with that level of funding. This is for 9 months remember.
Say you rent a flat. In Carterton where it’s cheap. A 3 bed house will set you back about $240 a week. That’s a smidge less than a Studio apartment is Wellington the size of a hotel room. If there’s 4 weeks a month, that’s $960 a month. For 9 months.
That’s $8640.
That’s just to put a cheap roof over your head. No food, bills, phone costs, travel costs. And certainly no money to find out everything that this country has to offer.
I think people will be very disillusioned at the end of this, and I think they are being right royally ripped off. I guess we have to wait and see what happens with the first batch to come through the system.
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Be careful with re-fixing your Fixed Rate Mortgages
Filed under: Banks, Interest Rates, Credit Cards & Mortgages in NZ
Oddly enough – the New Zealand banks are trying to take a chunk of your cash for the privilege of paying more interest. Gits.
Fixed rates in New Zealand are currently way too high. Floating rates are at about 5.75% with fixed rates running at about 6% for 6 months upto a whopping 8.5% for 5 years.
Usually although in theory you would need to pay a fee for re-fixing a mortgage, but this is waived. Now it seems the banks are being a lot less keen on waiving that fee.
An ASB Bank document obtained by the Herald on Sunday said it introduced the new fee schedule to “reflect the time and complexity in providing the best in customer service”.
The fees would now apply from a series of dates between March and May.
While the document shows that the cost of the fees is reducing in some cases – from $250 to $50 – brokers say the customers will have a tougher time getting fees waived.
This is something we have had with ASB for about 2 years now. They wont waive bank charges, though they are still not charging us for new loans as we re-structure our lending. But to be honest – the cost of banking with them is going up, and the service is going down. I am certainly not getting “the best in customer service”. In fact – I’m getting lousy service – I just have to pay for it now.
So you do need to be careful. And you do need to shop around. Loyalty to a bank is frankly silly – they just do not deserve it – so if you are coming up to renewal time on your mortgages – shop around and go with whoever sweetens your life the best. Bear in mind that here in New Zealand one mortgages can splint up into several parts. That can add up if you get charged the full $250 to re-fix each part of a loan.
The only customers not having to pay fees for refixing a mortgage were those referred to as a “high value clients”.
The bank said in the document that fees were required by law to be “fair” and represent the cost of handling a loan. It said the fees were changing to “fairly reflect the time and resources we allocate to client interactions”.
The document also showed the ASB Bank was wiping a $500 contribution previously given to customers to help pay for legal fees.
Well, I’m certainly a “High Value Client” at ASB, but they still don’t give a damn. I have however managed to get them to reimburse us some legal fees that we have incurred because their loans department keeps stuffing up. So much for paying for service huh?
So be careful. Shop around, and make sure that paying off your mortgage is a high priority. That’s the one thing that will give you leeway to make your own choices and switch banks. Although the recession is basically over – the fallout from it could last years. The place we see that most is in the cost of mortgages and the unwillingness of banks to lend money to people who need it. Having small mortgages means the banks love you because you are a low risk to them. That’s a good position to be in!
Thanks to Christine for the heads-up!
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Lest We Forget: Anzac Day 25th April
Today, Australia and New Zealand stop to remember those Anzacs who have died fighting for their countries. It is a huge deal here, and a great deal of pride is shown in both countries, and at Gallipoli – the most famous of the Anzac battles.
It is a national holiday in New Zealand for the first part of the day, which shows just how much their country honours its servicemen.
ANZACS are the Australia New Zealand Army Corp, and fought in several wars, the first being in the First World war. They landed at Gallipoli on the 25th April 1914. hence todays remembrance.Over 8,000 Australian and 2,700 New Zealand soldiers died.
The day is mostly remembered with Dawn Services here, rather than the UK remembrance day service at 11am on the 11th November. Armistice day is not celebrated in New Zealand as it is in the UK – this is the day to remember and reflect here. So to my friends in the armed forces back home – please stay safe. I’m thinking of you today.
I’ve never been interested in “modern wars”, so i don’t really have much of an inkling about the world wars, or indeed anything past about the Jacobite Rebellion. Hubby and Dad do though. For anyone interested in the history of Gallipoli, I found this site: Gallipoli Guide.
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Why I won’t be voting in the UK general election.
It’s really not because I don’t want to, or because I don’t care – I actually do and would love to vote. It’s just that the last time we tried, just after we emigrated – we found out that the system did not allow us to.
Boy was I peeved. Very.
We applied straight away for postal voting. I was shocked to find that we could not cast our votes at the High Commission in Wellington. Apparently that would not have been a “secret ballot”. I couldn’t help but wonder if there was anyone still out their who thought our elections were secret to begin with. What upset me most about this is that just a few month earlier, Iraqi citizens living in the UK were able to vote in their elections in London. And yet, as a British citizen, I was not afforded that right to vote in our elections. It did not improve my utter disgust at Blair’s Iraq war and his overweening sense of arrogance in the world.
Never the less, we registered. And waited for our voting papers to arrive. And waited. And waited. We contacted the electoral commission, and asked for help. They told us “tough”.
Eventually – they forms arrived.
On voting day.
The day they have to be back in the UK to be counted.
So that was that. Our right to vote in the UK General election removed because they couldn’t get the voting papers out in time.
We complained to the Electoral commission. They said “Tough”. They also said we were supposed to apply for a proxy vote if we felt we couldn’t post the forms back in time. I told the idiots that it was actually them who couldn’t organise the election properly. I also asked them to explain why, if giving someone else my right to vote was acceptable, it not being a secret ballot – i was not allowed to go to the High Commission in Wellington and place my own vote which is no less – un-secret.
They ignored me.
We wrote to our UK MP (Paul Keetch – LibDem). He said “Oh yes its awful isn’t it. What a bunch of tossers those Labour MP’s are. Ooops sorry.”
A few months after we voted in our First New Zealand elections – where our voices were counted and welcomed.
With the current election now in full swing in the UK, we haven’t bothered to register. The UK government has said it couldn’t care less what we think – so they don’t get our votes. But that doesn’t mean I’m not interested – I am however quite glad to be away from blanket TV coverage of the electioneering!
Browsing Google News I came across this wonderful widget - VoteMatch.
Try it – answer the questions and it works out which party best matches your views.
Even if you can’t vote for them.
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Celebrating St Georges Day.
Apparently, it seems we Brits are now considered the most unpatriotic country in Europe, having for many years being labeled as being the most racist country in Europe and thus being constantly made to feel we cant show any pride for fear of offending people. Thankfully that is now changing, and people in England are starting to fly the St George flag with pride again. And not just at footy matches.
I love Britain. And I love England. I love our history and our culture. And no matter how long I spend in New Zealand, I will always be English, and proud of it.
So to anyone who is offended by that:
To everyone else – Its St Gorges Day: 23rd April. He’s one of the coolest Patron Saints – being the one who kills dragons and all!
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Good on Immigration New Zealand!
Bet you never thought the day would come when I would say such a thing.
INZ are waiving fees for anyone who needs to extend their permits because they are stranded in New Zealand due to the complete failure of worldwide air traffic. They are also going to refund anyone who has paid in the last few days.
Good on ‘em!
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Only in New Zealand: Pineapple Lumps.
I don’t know of many Brits who “get” pineapple lumps. I guess you have to be a Kiwi! Funny ad though.
And BTW New Zealand-
its not a lolly if it doesn’t have a stick in it!!!!
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Riversdale is finally going to get is Sewerage system :)
Popped to the beach today for a bit of relaxation, and noticed a whole load of workmen on the village. Actually I suppose I should call it a Settlement. Village seems too English. Anyway – turns out that Masterton Council have finally decided to build the sewerage system that they have been promising for well over 1o years. Of course its about a gazillion times more expensive that it should have been cos they dicked around so long getting reports and consultations done. And then more reports on the consultations and consultations of the new reports.
Oddly enough the other weekend we went to an open home at the campsite. It had a toilet. It just wasn’t hooked up to anything, You had to use the Camp Toilet. They wanted $230k for a 2 bed Bach (admittedly brand new) without a flushing toilet.
Hmmm. We passed on that. I am NOT getting up in the middle of the night in Jim Jams to waltz across a flipping campsite to have a pee.
I love the place – but not that much!
It’s really gonna cost the residents to connect to the new scheme, something that is causing a great deal of angst amongst the permanent population. Many of them are pensioners, so don’t have the kind of money to stump up the cost up front. And although the council is allowing a payment plan in the Rates – there is interest on that (assumed rate of 7.5% so not even competence). Gits.
Should all be completed by this time next year. 
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
How much shopping can YOU imagine?
This is the sign outside a small shopping arcade in Wellington. Now I may not be a shopaholic, in fact, I may find shopping a bit of a chore; but I can actually imagine quite a bit of shopping to be honest. Ok, I come from the UK, so had access to the Trafford Centre, Outlet Centres and large town centres if i really needed some retail therapy. But this one takes the biscuit even my New Zealand’s standards.
So what does Lambton Square actually contain?
A newsagents
A book shop/stationary shop
A health food store
A pharmacy
Photographic store
A convenience store
A selection of cafes and small fast food outlets
Travel agents
Underwear shop
Internet Cafe
Outside, in the alley that goes up to the Terrace, there actually a better selection, including a Teddy Bear shop, more cafes, some clothes stores and a Home wears store.
Generally the only reason I go in there is to use the escalator to get from Lambton Quay up to the Terrace, cos the alley is a bit steep and I’m lazy.
But on the whole, a little bit “over promised and under delivered”.
Like what Avalon has to say?
Click Here to buy Avalon's Guide or Click Here to buy the E-Book
Avalon’s Guide On Facebook
-
