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Thread: New Zealand Socialist Government does something right

  1. #1
    Senior Member
    Join Date
    Jun 2013
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    New Zealand
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    984

    New Zealand Socialist Government does something right

    In response to the havoc they have wreaked on the economy by their "lockdown" they have announced a loan package for small and medium businesses (those that employ less than 50 people)

    $100,000 loan, interest free for 1 year and then 3% for a maximum of 5 years. Must be repaid, it is not a gift.
    Totally unsecured.

    The real plus on this is they have cheated the vultures that prey on the NZ economy. The Australian owned banks have looted their NZ customers for many years, just the same as they did to their Australian base.

    The loan requires no security ie no personal guarantee or security by way of mortgage on their house.

    Should be a great tool that will assist owners to try and keeo staff on in this period of no business takings.
    Captain and Pablo like this.

  2. #2
    Junior Member
    Join Date
    Oct 2018
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    13
    Sounds great.
    Get the loan, close down the business, sell the house, move to Thailand and spunk all the money.

    Win win

  3. #3
    Senior Member
    Join Date
    Jun 2013
    Location
    New Zealand
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    984
    Quote Originally Posted by JohnDoe View Post
    Sounds great.
    Get the loan, close down the business, sell the house, move to Thailand and spunk all the money.

    Win win
    Yes in theory you could win

    the reality is NZ has a ridiculously good pension system payable to all NZ citizens at 65 even if you do not reside in NZ.
    The loan is from the tax department and they would just sequester repayments from your superannuation or put a lien on your Kiwisaver funds which cannot be paid until you reach 65.

    Having seen the way the tax dept pursue student loans, slowly but surely,
    I'd put my money on them to collect from most deliberate defaulters.

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