mortgage tagged posts

Tax Effects of Budget Enacted

June 2, 2009 New Zealand FinanceNew Zealand Taxation  No comments

The effects of changes to taxation in the new budget has been enacted by Parliament.

The changes to taxation brought about by the new budget have been passed through Parliament under the Taxation (Budget Tax Measures) Bill. It was introduced under urgency n the same day as the budget, the 28th of May, it passed and received Royal Assent the following day. The weekend and public holiday meant that it was only enacted on the following work day, the 2nd of June.

The Taxation (Budget Tax Measures) Bill repealed sections of the Taxation (Urgent Measures and
Annual Rates) Act 2008, which pertained to future cuts to personal taxation, as promised by the National Party during their election campaign.

The second section of the Taxation (Budget Tax Measures) Bill deals with the abolishment of the ...

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Kiwisaver Regulations Loosened

September 22, 2008 New Zealand Finance  No comments

The law regulating what type of mortgages can be included in Kiwisaver mortgage diversions has been expanded, according to a government media statement issued on the 15th of September.

According to the released statements, the mortgage diversion scheme will now allow the diversion of Kiwisaver contributions to flexible home loans. Although there is a condition under which lenders are not allowed to automatically lend the amount of the contributions back to the individual.

Previous to this, individuals were able to divert half their Kiwisaver contribution to their home loan, as long as it was a table home loan. It was feared that if the system was otherwise, individuals could borrow the amount of their Kiwisaver diversion again, from their home loan, defeating the point...

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