Parliament

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

 

Loan to value restrictions would hurt first home buyers

Phil Twyford
Housing Spokesperson

24th October 2013

Treasury told the Government that loan to value restrictions would hurt first home buyers

Treasury documents released today show that Treasury warned the Government loan to value ratio restrictions would have a massive impact on first home buyers.

“Treasury told the Government 6-8000 first home buyers would find themselves restricted by LVRs. Treasury also says that 40% of high LVR lending is to first home buyers and that 65% of first home buyers have high LVR loans” said Labour’s Housing spokesman Phil Twyford.

“Treasury also rubbished the Government’s pathetic attempt to look like they were doing something for first home buyers with their changes to KiwiSaver and Welcome Home Loans.

“They warned the Government that those measures may hurt it’s housing affordability objectives .They further argued it risked continuing the current house price growth, they ‘ question the value of the additional spending’, and that there was little evidence price caps needed to change and that it may reduce lending standards.

“In addition in documents released to Labour under the Official Information Act ,Treasury noted the Kiwisaver and Welcome Home Loan changes would advantage high income earners while disadvantaging low income earners currently served by the scheme and may affect less people than the Government claimed.

“Treasury also pointed out two of Labour’s key policies were options that could actually help the housing crisis, a capital gains tax and restricting purchases for offshore speculators.

“This shows yet again that after five years of inaction all the Government can do for first home buyers is offer them more restrictions and gimmicks while Labour offers real solutions.

“Labour will build 100,000 affordable homes and crack down on speculators through a capital gains tax .”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Budget

It may seem like Oliver to be so bold as to ask the Finance Minister for more gruel – but what the Dickens, Steven Joyce… is this Budget really as good as it gets?

Supposedly, the public was going to receive significant rewards – an election year lolly scramble no less – for the eight years of belt tightening that they’ve endured, and for the rundown of essential public services.

Well, what Budget 2017 delivered instead in Education and in Health were allocations barely sufficient to maintain the current levels of service delivery More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

 
 

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

Gordon Campbell: On The Navy’s Dealings With Fat Leonard, And Twin Peaks

At an official level, our “she’ll be right” attitude routinely spills over into a keen resentment of anyone who suggests the outcomes may be less than satisfactory… The Navy has now gone one step beyond. It won’t even ask itself whether it did a good job. More>>

ALSO:

NZDF: Fifth Rotation Of Troops Heads To Iraq

The fifth rotation of New Zealand Defence Force troops left today for a six-month mission training Iraqi soldiers. More>>

ALSO:

Gordon Campbell: On The Demonising Of Iran

Will New Zealand still be willing to pursue its recent trade overtures to Iran, now that US President Donald Trump has used his speech in Riyadh to single out Iran as the main source of terrorism and instability in the Middle East? More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election