Elaine is a 35-year old recent immigrant from China. She is a homeowner with a mortgage...
Elaine is a 35-year old recent immigrant from China. She is a homeowner with a mortgage of $600,000 (at 5.2% per annum) and a salary of $145,000. She has recently become NZ permanent resident. Is Elaine better off joining KiwiSaver and contributing 3% of her gross pay, or is she better off putting that money towards her mortgage?
Homework Answers
She is better of putting her money by joining KiwiSaver since they give a better return of about 8-10% This return is higher than her mortagage rate of 5.2% per annum. So it better to join the KiwiSaver since she makes at a profit of 3-5% (The difference between the KiwiSaver fund return and the mortgage rate she pays)
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Elaine is a 35-year old recent immigrant from China. She is a
homeowner with a mortgage...
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