The National Party's housing spokesperson Chris Bishop says stumping up four weeks' rent in advance is not easy for many people. Photo: 123RF
The National Party would allow people under the age of 30 to use their KiwiSaver to pay for a tenancy agreement bond.
The money would be transferred from KiwiSaver directly to Tenancy Services and returned to their savings when the tenancy ended.
Tenants would be able to transfer the bond to a new tenancy.
The party's housing spokesperson Chris Bishop announced the election policy at the University of Auckland.
Tenants would be able to use their KiwiSaver to cover their rental bond for up to five years, Bishop said.
"This reflects the fact that we want young people joining KiwiSaver early and staying in for the long haul," he added.
"Getting together up to four weeks' rent in advance for a tenancy agreement is not easy for many people, particularly for students and young graduates, who don't have a lot of cash.
"This is a common sense change that will make it easier for people to pay for bonds, and free up cash for young people. Young people have told me they'd like to have the option of using their KiwiSaver savings to sort their bond payments, and that this policy will make a difference."
National would amend the KiwiSaver Act to implement the policy and is promising to make any operational changes needed between Tenancy Services and KiwiSaver providers.