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Total & Permanent Disability (TPD)Will a permanent disability end your financial security?Becoming permanently disabled would mean a total change to you and your family’s life. People who become disabled must come to grips with a whole new way of life. Out of a total number of 570,300 disabled adults in New Zealand, 92,700 require a high level of support. This equates to 3% of the total adult population. For 37% of disabled adults, the cause of disability was disease or illness1. And the number of disabled adults is predicted to rise, with the Stroke Foundation reporting that while death from stroke is falling, the incidence of stroke is increasing, leading to a rising burden of stroke-related disability over the next decade. Many disabled adults are then forced to rely on the invalid’s benefit from the Government in order to provide for their basic needs such as rent/mortgage, food and other bills. The table below shows the maximum benefit amounts per week that people with permanent disabilities are able to receive. For many, this is less than what they were previously earning, considering the fact that the average household spends $956 a week on expenses such as rent/mortgage, food and transport3 1. Statistics New Zealand, 2006 Disability Survey (latest available) MAXIMUM INVALID BENEFIT RATES - as at 01 April 2009 CATEGORY Net $ per week Single (16-17 years] $192.58 Single (18 + years) $237.97 Married, civil union or de facto couple Sole Parent $312.62 Hospital Rate $34.87 Source: Work & Income New Zealand, www.winz.govt.nz 4. 'M' is the tax code which applies if this is your main source of income. See www.ird.govt.nz for more information about tax codes.
Owning Your Own Home is Easier Than You ThinkIf you’re like most Kiwis, you’d love to own your own home rather than rent someone else's. The hard part is that sometimes it is easier dreamed than done. A Welcome Home Loan could make your dream come true. The maximum loan amount that can be borrowed under the Welcome Home Loan, will rise from $280,000 to $350,000 in high priced areas such as Auckland and Wellington from November. The maximum household income of $85,000 per annum for 1 - 2 borrowers. The maximum household income of $120,000 per annum 3 or more borrowers |
