The Ka Uruora Savings Programme is designed by iwi to support whānau members to manage their financial future. Ka Uruora provides you two savings accounts; KiwiSaver and WhānauSaver, each with features to help you achieve your financial goals.
Your iwi may contribute to your savings (advised by your iwi each year)
Using Ka Uruora to invest in the future of your tamariki
Ka Uruora WhānauSaver is a powerful way to invest in the financial future of your tamariki; accounts can be set up from birth and can be contributed to by your wider whānau, including grandparents and your iwi – which over time can grow to create a financial nest egg for their education and housing. If you start early, it just takes a little every week to build meaningful savings for your tamariki’s future – see the example below.
HOW COULD IT WORK?
Tane and Aroha set up a WhānauSaver account for their newborn tamaiti, Wiremu.
To provide for Wiremu’s future, Tane and Aroha decide to each invest $100 per year ($2 / week) into Wiremu’s account
Wiremu’s four grandparents also want to invest in their mokopuna’s future, and also each contribute $50 per year – they can invest directly into Wiremu’s WhānauSaver
Wiremu’s iwi also wants to invest, and also contributes $100 per year
As shown in the graph, if Wiremu’s WhānauSaver account earns 5% per year (net of fees), Wiremu will have almost $18,000 by the time he turns 21 – a great start to finance Wiremu’s education aspirations or towards a deposit for his first home
Using Ka Uruora to help buy your first home
Using Ka Uruora is a great way to help save a deposit to buy your first home – accessing government and employer KiwiSaver contributions and HomeStart grants. As shown in the example below, saving for just five years in can help build a significant deposit.
HOW COULD IT WORK?
Tane and Aroha are both working, and earn a combined household income of $75,000.
They both join the Ka Uruora Savings Programme. In addition to saving $100 pa into their Ka Uruora WhānauSaver accounts (matched by iwi contributions), they both also join the SuperLife KiwiSaver scheme, contributing 3% of their salary
With KiwiSaver, Tāne and Aroha also receive an extra 3% of their income from their employers and each receive $521 per year from the government
After five years, they are also both eligible for up to $10,000 each in HomeStart grants (for a new home)
As shown in the graph here, after five years, Tāne and Aroha can build up to $45,000 towards a deposit to their first home
Who is delivering the programme?
The Ka Uruora Savings Programme has been designed by Te Kotahitanga o Te Atiawa and Te Kāhui o Taranaki in conjunction with SuperLife
The programme is being delivered by SuperLife, using its registered SuperLife KiwiSaver and SuperLife Invest schemes
SuperLife is a major New Zealand superannuation, KiwiSaver and investment provider. Smartshares Limited, a subsidiary of New Zealand Stock Exchange operator NZX, manages the schemes.