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

 


English’s new tools little help to home buyers


David
PARKER
Finance Spokesperson
Phil
TWYFORD
Spokesperson for Housing

28 February 2013 MEDIA STATEMENT
English’s new tools little help to home buyers

Bill English’s proposal to allow use of loan to valuation ratios is yet another reason to add to the supply of affordable homes, say Labour’s Finance spokesperson David Parker and Housing spokesperson Phil Twyford.

Phil Twyford says: "Bill English doesn’t understand the housing problem. There simply aren’t enough modest affordable homes.

“The new Reserve Bank rules could require home buyers to put up a bigger deposit. Depending on the design, that could create another hurdle to leap over. Loan to value ratios must be part of a broader attack on excessive housing prices, including addressing a shortage of supply and high material costs.

“The housing affordability crisis needs a multi-pronged approach to reduce the cost of new homes. Labour's KiwiBuild policy, which will deliver 100,000 affordable homes over 10 years, is a comprehensive sustainable solution that would help make loan to value ratios more effective,” Phil Twyford said.


David Parker says: “The new tools are a necessary addition to the Reserve Bank’s toolkit but they require finesse and subtlety in their design. Otherwise they risk doing more harm than good.

“Limits on loan to value ratios for home lending are used to dampen the housing market in places like Canada. One option used overseas is to exempt first home buyers from the rules, or allow them to put up a smaller deposit.

“Bill English is only doing half the job, unless he broadens the objectives of the Reserve Bank. He risks making it harder for first home buyers without the benefits of creating better jobs and higher wages that full reform of the Reserve Bank Act will help bring,” says David Parker.

________________________________________


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

  • Govt Probed Over Health & Safety
  • Questions and Answers 28-05-15
  • Week in Parliament 22-05-15
  • Saturday Sitting
  • House Rises At Midnight
  • Telco Levy Bill Passes
  • Telco Levy Bill Completes First Reading
  • Social Housing Bill Passes Under Urgency

  • Labour Party: McCully Doesn’t Deny Bribe In Saudi Sheep Scandal

    “In Parliament today I asked Murray McCully directly: Why is he the first Minister in history to back a multi-million dollar facilitation arrangement which in other jurisdictions is called a bribe? says Labour’s Export Growth and Trade spokesperson ... More>>

    ALSO:

    Welfare: Closure Of Relationships Aotearoa

    The Aotearoa New Zealand Association of Social Workers (ANZASW) Chief Executive Lucy Sandford-Reed is concerned about the closure of a national service which provides a wide range of services to rural and urban communities throughout New Zealand. More>>

    ALSO:

    TPPA: University Of Auckland Warns Of Negative TPP Impact

    The University of Auckland May 20, 2015 University of Auckland Warns of Negative TPP Impact With the Trans Pacific Partnership (TPP) negotiation drawing to a close, the University of Auckland has expressed serious concerns about its potential implications. ... More>>

    NZ Flag: Flag Referendum Gets Hit Hard In New Poll

    The latest Campbell Live text poll confirms it is time for the Prime Minister to listen to the public and shelve his flag referendum, says the New Zealand First Leader Rt Hon Winston Peters. More>>

    Gordon Campbell: The Government’s Belated Moves On Property Speculation

    Is it a property tax on capital gains or a capital gains tax on property? The Jesuitical distinctions in the government’s spin about its latest moves on property speculators are all about whether the government can claim that it jumped, or confess that it ... More>>

    Grant Robertson:
    Key Can’t Just Be Prime Minister For Parnell

    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In a ... More>>


    Labour Party: More Regional Jobs Go In Corrections Reshape

    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka ... More>>

    ALSO:

  • NZ First - Prison Job Losses to Send Money Offshore
  • TPPA: ‘Team Obama’ Regroups On Fast Track, Still Not Deliverable

    ‘After yesterday’s stinging and unexpected defeat for the Obama administration’s attempt to advance Fast Track legislation in the US Senate, Senate leaders have worked up a compromise they think will get them past this blockage’, according to Auckland ... More>>

    NZ Government: 5,500 More Doctors And Nurses In Our Hospitals

    Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the country. More>>

    Controller and Auditor General: Katherine Rich Conflict of Interest Decision

    We are writing to you about a matter that has been raised with us by members of the public. More>>

    ALSO:

    Budget 2015: Andrew Little On The 2015 Budget

    Speaking to the Chamber of Commerce, the Labour opposition leader attacked the government’s approach to economic issues facing New Zealand. He said they have been “more than reckless in their complacency” and “the next week’s budget will do nothing ... More>>

    Defence Force: NZDF Building Partner Capacity Mission Personnel In Iraq

    NZDF Building Partner Capacity Mission Personnel in Iraq The New Zealand Defence Force Building Partner Capacity training mission contingent is in place at Taji Military Complex in Iraq. The Chief of Defence Force Lieutenant General Tim Keating says the ... More>>

    PM Press Conference: ACC Levy Cuts Announced

    In a press conference this afternoon in Wellington, ACC Minister Nikki Kaye proposed $500 million worth of ACC levy cuts. More>>

    Quakes: New Process For Red Zone Crown Offers

    Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news