Fees

Fees

The impact of high fees

Kiwi Story

Steve and Barbara are in their 40s. After repaying their mortgage, they decided to start a serious savings ...

The advantage of a workplace scheme

Kiwi Story

At 45, Jenny had become mortgage-free and wanted to start saving for her retirement. She thought she ...

Getting a better deal on fees

Kiwi Story

Moana and Ray decided they needed some advice on what and where to save for their retirement. Repaying ...

Finding out about tax

Kiwi Story

John and Judy were looking at two savings products. One was offered by their bank, and the other by a ...

Explaining the pitfalls of MERs

Kiwi Story

Richard had recently seen a financial adviser who considered his assets and financial goals. He recommended ...

Checklist for truth

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Tama was about to invest $100,000 in a savings product recommended by his adviser, when he chanced upon ...

A wrap account

Kiwi Story

George and Trish had been clients of a well-known financial adviser for a number of years and, until ...

Fees

This section of Sorted is mainly about the fees associated with mid-to-long-term savings and investment products.

Glossary: investment
A way to use your money to make it grow.
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Costs

Even though the idea is to free money up to use, there can also be high costs involved with equity release products.

Glossary: equity
The amount you would get if you sold an asset and paid back any money you owed on it. For example, if you have a house worth $350,000, and a $300,000 mortgage, your equity in your house is $50,000.
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Knowing the financial consequences

If you invested $5,000 a year in a product (which has a mix of shares and fixed interest) with fees at 3%, you could pay $25,640 after tax in fees after 20 years.

Glossary: shares
Shares and equities refer to the same thing - a share in the ownership of a company and entitlement to any distributions (eg dividends).
Glossary: interest
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.
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