Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Home Equity Code of Practice Approved

Hon Ruth Dyson
Minister for Senior Citizens

2 September 2008 Media Statement

Home Equity Code of Practice Approved

The Code of Practice for home equity release schemes was approved by Cabinet today said Ruth Dyson, Minister for Senior Citizens.

Home equity release schemes, often called reverse mortgages, enable older people to draw on the equity in their homes to help meet essential and lifestyle needs during their later years.

"The approval of the Code of Practice is a significant step towards ensuring the financial safety of older people," said Ruth Dyson.

"The vast majority of older New Zealanders own their own homes and reverse mortgage schemes should offer a safe method of borrowing against the bricks and mortar of our own homes.

"The government must ensure these schemes are safe, secure and that there are no hidden dangers for our seniors. To ensure this, a code of conduct has been approved, that while voluntary now, will eventually be established in legislation.

"This code will provide confidence to those older New Zealanders who wish to raise a loan after investing most of their life savings in brick and mortar. It will help to ensure that in retirement, funds for such things as new cars and home improvements will be available through a safe self help process," said Ruth Dyson.

The Office for Senior Citizens will produce the Code of Practice in booklet form by the end of September 2008. It will also be available on by the end of September 2008.



© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>




Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>


Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>


Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>


Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>


Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>


(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>






Featured InfoPages

Opening the Election