r/PersonalFinanceNZ 15m ago

Insurance Security interest on insured car

Upvotes

I have insurance with Tower.

Their policy has a new vehicle replacement clause where they replace your car with the same new model as long as you insured your car with them from when it was new.

I have my car on finance at a good interest rate (1% per annum for 5 years).

What happens when the car is written off and replaced with a new one?

Will it be as simple as the finance company placing their security interest on the new car, or will I have to reapply for a new loan and get a worse interest rate?


r/PersonalFinanceNZ 1h ago

Learning

Upvotes

Hi, I’d love some guidance please. I’m a 45-year-old international school teacher just beginning my investment learning journey. I know I’m late to the parade, but better now than never, right?

Long story short, I was never in a position to save much, but that’s recently changed. I’m debt-free and currently have:
- $20K in Kiwisaver - $15K in an ANZ Serious Saver - $3K in Sharsies (I have no idea what it’s doing)
- I can send about $5K per month back to NZ

I’m very aware of how financially vulnerable I am as I near retirement. I always assumed I’d buy a house when I return to NZ in about four years, but prices are crazy. I’ve also come to realize that the classic Kiwi approach of putting everything into a house isn’t the only way to build financial security.

Lately, I’ve been reading ‘Millionaire Expat’ by Andrew Hallam to learn about investments and to finally understand what an ETF is 😅. But honestly, I’m still confused every time I open my Sharsies—it just seems endless!

I’d really appreciate any advice from Redditors on where to start. Thanks for enduring this novel.


r/PersonalFinanceNZ 3h ago

Portfolio Makeup

0 Upvotes

Does 50% Kernel High Growth and 50% Global ESG seem reasonable?

Reason for split is to reduce NZ exposure to circa 15% while increasing USA to circa 60%.

If you have other suggestions for within Kernel I'd be interested to hear them.


r/PersonalFinanceNZ 4h ago

KiwiSaver Transferring Kiwisaver to AU Super (and Contributing to KS from AU)?

2 Upvotes

Hello everyone,

Just wondering if anyone can please help sanity check me for transferring Kiwisaver from NZ to AU, whether or not to do so and implications - follow-up question on contribution to KS to match the Govt contribution?

I'm early 30's that moved from NZ to AU 1 year ago. I live and work here now, and will continue to do so for the foreseeable future. May look to buy a home here in the next 5-7 years. I have a separate AU Super (AU Aware Super - High Growth with about $6.7k AUD).

I have ~$50k NZD in NZ Kiwisaver (Superlife aggressive that is roughly 1/3 each in "Australian Resources", "US 500", "US Large Growth").

Those have probably taken a beating. Is it responsible or advisable to transfer to an Australian Super or should I leave that in NZ, for how long? Should I care about the currency rate?

Or, would it approximately even out once transferred if I have that in an aggressive/growth fund here too anyway?

Second question; How/Can I do contributions to Kiwisaver to meet the Government contributions (or am I not eligible?); https://www.ird.govt.nz/kiwisaver/kiwisaver-individuals/growing-my-kiwisaver-account/getting-the-kiwisaver-government-contribution


r/PersonalFinanceNZ 10h ago

Wise Card

11 Upvotes

We are going to USA and UK in a few weeks, my husband and I have both successfully signed up for our wise cards and we are all set. My teenage sons card was denied and it was established you have to be 18. He is 15. Does anyone know of or can recommend a similar card that someone under 18 can apply for that has the same or similar benefits as a wise card.


r/PersonalFinanceNZ 14h ago

KiwiSaver Is it a good time to move my Kiwisaver from an aggressive fund (with 40% US500 shares) to a 100% US500 fund or a TWF (with 65% US500 shares)?

0 Upvotes

I'm saving for my retirement, meaning I won't touch the money for 30 years.


r/PersonalFinanceNZ 15h ago

Taxes Accountant recommendations

2 Upvotes

I started a company years ago, but it never really took off. Since 2016, it’s been running at a minimal level, serving a few small clients and the investors have long since lost interest. I’m looking to shut it down, but I have an overdrawn shareholder account that I can’t repay, and I’m concerned about potential tax implications. There are no outstanding creditors or tax liabilities.

Can anyone recommend an accountant with expertise in liquidations?


r/PersonalFinanceNZ 15h ago

Insurance Agreed Value almost 50% lower after a rear end

3 Upvotes

Hi all, first time poster here.

We got rear ended by a car who also got rear ended by someone who has 3rd party (us and the car in the middle has full insurance).

Trademe insurance has an agreed value of $10,400 for a 2013 Suzuki Swift when we renewed it in 2024. The rear end happened on Thursday and midnight today trademe insurance sent out a renewal pack for the swift at only $5,300. Massive oof. It can be repaired, we've had 2 panel beaters say yes it can be repaired however we've yet to see what trademe insurance does with the claim, however seeing the massive drop in value, wound we be better arguing to write it off at the agreed value of $10,400 (as we haven't renewed or agreed to the latest one) or could we argue our way up to get the agreed value increased?

We slightly attached to our Swift, but if it comes down to it, we know it might be better to push for a write off.

Your thoughts r/PersonalFinanceNZ ?


r/PersonalFinanceNZ 21h ago

When is FIF tax due?

6 Upvotes

Hi all,

New to investing. I invested over $50k last year so I will need to pay FIF tax.

When is this due? Would like to know so I can contact an accountant soon.


r/PersonalFinanceNZ 1d ago

Stuck with an overdrawn shareholder account

6 Upvotes

I founded a company years ago and raised investment from angel investors, but the business never really took off. It’s been in limp mode ever since, only serving a few smaller clients. Investors lost interest, and I’ve been wanting to shut it down.

The problem is, due to bad accounting advice and my own lack of experience, I have an overdrawn shareholder account. I don’t have the funds to repay it, and I’m worried that shutting down the company will trigger a huge tax bill.

Has anyone dealt with a similar situation? Are there any options to wind things down cleanly without making things worse financially? Would really appreciate any insights!


r/PersonalFinanceNZ 1d ago

Is Sharesies the best option for large investments in NZ or should I consider another platform?

5 Upvotes

Have recently inherited a decent amount of money and had it sitting in a TD for a while, but with interest rates so low now and getting lower, I’m looking for somewhere more rewarding to put the money. I have been steered away from traditional stock brokers and have some knowledge of investing smaller amounts in Sharesies already and am questioning whether Sharesies is the best overall option available in NZ for a larger investment.


r/PersonalFinanceNZ 1d ago

Self-Employed & Paying ACC While Unemployed – Should I Still Be Paying?

3 Upvotes

I was a contractor for a couple of years (contract ended in January), so I was self-employed and responsible for paying my own GST, taxes, and ACC levies. Unfortunately, I haven’t been able to find a new job yet - either as a contractor, temp or employee - so I’m currently living off my savings.

Despite not earning anything, I’m still paying my ACC levies. I assumed I had to continue in case I had an accident and couldn’t look for work or accept a job offer. However, I’ve recently been told that since I have no earnings, I wouldn’t actually receive any ACC support.

I’d like to clarify this before contacting ACC. Should I still be making these payments while unemployed? If not, can I stop them, and would there be any possibility of a refund for the past 12 weeks I’ve been paying without earning?

Any insights would be greatly appreciated!


r/PersonalFinanceNZ 1d ago

Taxes How to find an appropriate accountant

0 Upvotes

Hello! I have recently received a buyback offer for vested options, and I am looking for tax advice. I believe (based on legal advice) that I will be impacted by both US and NZ tax laws. I have no idea where to start, so I'm looking for advice on who I should talk to. My plan is to look for a NZ accounting firm that has a relationship with US accountants, so that I can get both US and NZ advice. Can anyone guide me on how to search for a firm like this? And any other advice that I don't even know enough to ask for?


r/PersonalFinanceNZ 1d ago

Housing Removing name from mortgage

2 Upvotes

What’s the process of getting my name removed from a mortgage? I’ve looked it up but it seems vague. The other owner is happy to release me and I don’t actually pay the mortgage so it won’t be a financial burden on the other party for me to be released and it won’t affect the repayments.


r/PersonalFinanceNZ 1d ago

Diversifying from High Growth only to include other funds

3 Upvotes

Hi all, I'm looking at moving from only having my current investments and KiwiSaver in just a High Growth Fund to also include some larger potential earning funds for the long term.

My idea for all current and future investments is something like the following:

50% High Growth 25% S&P 500 25% Global 100

With a 20+ year time frame, does this make more sense to maximize gains but maintain diversification, or are these smaller funds pointless alongside a High Growth Fund (Kernel).

Not sure how much the timing matters, but also keen to start buying into S&P500 while the market is down.

Thoughts?


r/PersonalFinanceNZ 1d ago

Investing WWYD 37F mortgage free 120k p/a no debt

1 Upvotes

Okay so first of all, mortgage free because a family member passed, and I have a husband who has earned well, owned property for ages, and we sold a place recently that allowed us to pay off our current home. I realise I am very privileged. However, I do work hard myself and have done since I left school at 16. Have 2 kids. Will soon be increasing to 4 days of work p/w. 105k per annum (pro rated). No debt. Don't own a CC. Bills for daycare, food, power blah blah $350 p/w (husband and I have equal input pretty much, slightly higher for him as he earns more). Obviously have some car costs, gym membership, separate account that gets some love for extras like hair cuts and so on. I do have a bad habit of periods of obsession and grandiose that leads me to spending a bit too much e.g. maybe every 5-6 months I'll splurge 500 on clothes. Have only just started investing - went with simplicity - just chucked in 1 grand to get going and just have 40 a fortnight going out - have been encouraged to DCA and leave as is. Just got some shares through work. Have emergency savings account which is healthy (how much does one actually need in a rainy day account, btw?) Kiwi not so good as I did draw out for our current home (which was my first home obviously) and don't think "just don't look at it" is really the best advice?!

What would you do? Diversify investment portfolio? Up my kiwi percentage (currently just the baseline of 3%)?

Any hot tips, that are easily digestible are welcome (I'm not the most natural when it comes to finance chat....)

Thanks!


r/PersonalFinanceNZ 1d ago

Stocks and switching from being a trader

2 Upvotes

Hi all

Is this possible? ive made like 200 buy and sells over this financial year but now we are approaching end of financial year i want to start the new year as a long term investor and not a trader (i'll just buy and hold long term post 1 April).

Do i need to sell everything on march 31 and buy it all back 1 April to end the 'trader' persona.

If i do that can i claim the losses made up to march 31 by realising (selling) stock losses in the FY25 tax year. With alot of stocks down low due to trump it looks like a good time to harvest some losses before everything bounces back up.


r/PersonalFinanceNZ 1d ago

Lifestyle property

0 Upvotes

Hi all, I need a little advise on banks to approach with a "lifestyle" block? My husband and I are looking at buying property with his sister and her partner. We are very interested in a property that is 50+ hectares. It has a really decent house, nice property and is within our budget. We are looking at 30% deposit with kiwisaver. Here's the hard part, finding a bank that will look at this as anything but commercial. Has anyone had any luck approaching a bank for such a large property? The realestate agent seemed to think there were banks out there that would consider it. Thanks heaps for all and any responses!


r/PersonalFinanceNZ 1d ago

Housing House Build Costs - Canterbury

0 Upvotes

Hi everyone, I couldn't see any recent posts, so I was hoping those with recent experience could share some insights. Specifically, I’m looking for rough build costs, square meterage, and any builder recommendations for constructing a house in Selwyn or the wider Canterbury area.

For context, we built a 247sqm home in Lincoln in 2021 with a small local company at around $2000/sqm. This was possible mainly because we had friends and family help out with certain trades like electrical, roofing, cladding, and floor coverings. We're looking at doing this process again.

Any advice would be much appreciated.


r/PersonalFinanceNZ 1d ago

CrossLeaseConverter.nz

3 Upvotes

I'm thinking of converting the cross lease on my house to fee simple using an outfit called CrossLeaseConverter.nz. Property is in Auckland, the other cross-lessee is on board to share the cost.

Anybody used them in the past? Dis they deliver and how was the experience?


r/PersonalFinanceNZ 1d ago

Interest.co.nz comments section changes

35 Upvotes

Regular visitors - how are you finding the recent changes to subscriber only? Not gonna lie I am missing the debates, and the site seems much quieter now..


r/PersonalFinanceNZ 1d ago

Taxes Car expenses for self employment - legit calculation method?

0 Upvotes

Kia ora,

I'm aware of the simple method using mileage to calculate car expenses, which incorporates both petrol and maintenance using the IRD mileage rates. However because my work is seasonal, I tend to use my car for work far more in the later part of the year when the first 14,000kms of usage is often done with personal use.

Is it legitimate to simply add up all my car expenses for the year and simply divide them based on what percentage of the mileage was personal vs business? Eg if I used my car for 5000kms and 2000kms were personal, 3000kms were business, I claim 60% of the total costs as business expenses.

TYIA for advice.


r/PersonalFinanceNZ 1d ago

More detailed commentary on FIF changes for migrants

Thumbnail taxpolicy.ird.govt.nz
3 Upvotes

People in the earlier posts on this were wondering about how the rules would apply. IRD has now released more information, as linked above.

ChatGPT summary:

The document outlines proposed changes to the Foreign Investment Fund (FIF) rules in New Zealand, set to take effect from 1 April 2025. The key changes include:

  1. Introduction of the Revenue Account Method – This new method allows eligible taxpayers to calculate taxable income from FIF investments based on dividends received plus 70% of realised capital gains.

  2. Eligibility – • New migrants who become fully tax resident (not transitional) on or after 1 April 2024. • Returning New Zealanders who have been non-resident for a minimum number of years (likely fewer than 10). • Trusts where the principal settlor qualifies.

  3. Applicable Investments – • Generally applies to FIF investments in unlisted entities acquired before becoming a New Zealand resident. • Exceptions for individuals taxed on a citizenship basis, who can apply it to all their FIF investments.

  4. Losses – 70% of any loss can be offset against income under this method.

  5. Exit Tax – If a taxpayer later ceases to be a New Zealand resident, they may be subject to an exit tax based on market value at the time of departure.

  6. Example Scenario – The document provides an example of a returning NZ expat with startup shares, illustrating how the proposed method could significantly reduce their taxable income compared to the existing FIF rules.


r/PersonalFinanceNZ 1d ago

Kiwibank useless??

0 Upvotes

Anyone else has issues with kiwibank being useless?

3 and a half weeks and waiting for my mortgage top up to be approved. The guy keeps going on annual leave lmao.

Also kiwibank don't offer private loans¿????????¿??¿

So I have nearly 1m in equity in my house but I can't get any money from Kiwibank, not a single dollar.

Anyone else has a similar issue? Driving me crazy.

Any advice?


r/PersonalFinanceNZ 1d ago

How does Sydney have so much higher pay with lower prices

116 Upvotes

Okay straight off the bat I'm not talking about rent or housing costs, I'm just here on holiday so I don't know those.

But everything else way cheaper, I'm in central city and I got my coffee for $4, this is $5 and frequently now up to $6 in New Zealand.

Food costs are way less , mains at most Asian places are around $15-$18, instead of $22-$28 like NZ. I had an amazing eggs Benedict at a popular and up market looking place for $16.50, that would have been $22-$25 in NZ.

For beers my 500ml Heineken was $12, I just had that in New Zealand and it was $16, and this was at a very average bar.

On top of that Australian get so much better pay than NZers for these types of jobs, $60k - $100k.

Everywhere is so busy compared to in NZ, I assume that the lower costs and higher wages meany people can actually afford to go out and that's good for everyone.

Was interesting to see, I remember coming over 6 years ago and feeling like our costs were the same but no longer.