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


Banker’s doubts over LVRs another nail in the housing coffin

Banker’s doubts over LVRs another nail in the housing coffin

Thousands of first home buyers around New Zealand will be asking the Government what all the pain has been for after departing BNZ CEO Andrew Thorburn said that the jury is still out on whether LVRs have worked, says Labour’s housing spokesperson Phil Twyford.

“When one of the most respected senior banking figures in Australasia questions whether LVRs have worked, it must raise doubts for all the first home buyers who have been the fall guys for National’s failed housing policy.

“All the data shows first home buyers have been shut out of the market, leaving offshore and domestic speculators to have a field day. Modest to middle income home buyers have been hobbled by 20% minimum deposits while the big end of town has been unaffected. And in the regions, towns and cities who already have static or declining house prices, have taken an unnecessary hit.

“Kiwis who long to own their own home would probably put up with some short term pain if they thought it was part of a serious plan to fix the housing crisis, build more affordable homes, and slow down runaway house price inflation, particularly in Auckland and Christchurch.

“Things are getting worse. The Reserve Bank says interest rates are heading to 8%. Consents for new builds in Auckland have dropped off. And desperate first home buyers have been driven into the arms of the finance companies.

“Hearing now that one of our most senior bankers thinks the jury is out on whether LVRs have worked is the unkindest cut, reducing the government policy on home lending to a cruel experiment on decent hard working Kiwis who just want a crack at the Kiwi dream.

“National’s total refusal to tackle the fundamentals by taxing speculators through a Capital Gains Tax, and by actually building large volumes of affordable homes for people to buy, has allowed the housing crisis to rage on out of control. Labour will implement a capital Gains tax and build 100,000 houses.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Werewolf 58: No Climate For Change

The last time the global community tried to take collective action on climate change the world’s leaders finally came to agree that every not-too-onerous effort should be made to hold global warming to 2°C above the pre-industrial average. At Paris, all 150 participant countries nations will have put forward their pledges... On the information available, New Zealand's is the second weakest contribution of any nation in the developed world. More>>


Lambton Quay Shutdown: Object Was Made To Look Like Bomb

Police cordoned off part of Lambton Quay Wednesday afternoon, saying that a suspicious package had been found. Buildings were evacuated and buses were detoured. The army’s explosive ordnance disposal unit was brought to the Quay. More>>


Public Sector Still Shrinking: Record Low Number Of 'Backroom Bureaucrats'

Ongoing restraint in the public sector and a focus on better frontline services has seen a further reduction in the number of core Government employees, State Services Minister Paula Bennett says. More>>


Disobeying The Law: Police Censorship Of Crime Research “An Outrage”

The Green Party is calling on Police Minister Michael Woodhouse to ensure Police scrap controversial contracts that place onerous restrictions on academic researchers’ access to Police data, the Green Party says. More>>


Q+A Transcript: Groser ‘Not Expecting’ Failure At UN Climate Talks

‘I will be very surprised if we don’t get an agreement. I think it’s a completely different situation to Copenhagen for a number of reasons. We’ve got a much more realistic negotiating proposal on the table. Secondly, I think the science has strengthened...’ More>>


Greenpeace Protest:

Climate Talks, Immigration And Housing: PM's Post Cabinet Press Conference

Prime Minister John Key began by talking about his recent attendance at the APEC and ASEAN summits. He segued neatly from the opportunities available in Vietnam to outlining his upcoming itinerary which includes Malta, Paris and Berlin. More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news