Isn’t travelling a right of passage for us Kiwis? Unfortunately, for the next generation, things aren’t as simple as buying a plane ticket and loading a pack with jeans and a few tee shirts.
Here’s what you need to do:
- Make sure you have quality travel insurance for the whole time you are away. Asia might be a cheap place for a holiday, but you wouldn’t want to be hospitalised in a third world country. Not all travel insurance policies are equal, so get good advice.
- Check you KiwiSaver payments. If you are away and stop paying into KiwiSaver, you might find yourself back to square one with the ‘first home subsidy’ rules.
- If you have a student loan, know the rules. If you are only out of the country for 183 days and have lived in New Zealand for the previous 183, your interest on your student loan is written off. If you are outside these rules, you are going to be paying interest and the government expects you to make the repayments.
- Australia has always been the alternative work place of choice. Unfortunately, Kiwis are clearly discriminated against in Australia. If you plan to work over there, make sure you get your insurance sorted before you go. Cover such as trauma, total and permanent disability and income protection cover taken out in New Zealand, will cover you while you work in Australia.
- Lastly, make sure you have all the right visas etc. Flying 10 hours to spend 20 hours in a holding cell and then sent back home, isn’t fun. This happened to one of our clients – yes, it does happen!
Travel is great – it is important to get out of New Zealand to realise how small and insignificant New Zealand is on the global stage. It also makes you appreciate this great country we are privileged to live in.
We know what possibilities could arise, because we’ve seen them. Give us a call and before you know it, you’ll be packed, prepared and ready for the adventure of a lifetime!
John Barber
WealthDesign – a life well planned