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

 


Changes to improve home ownership

Phil
TWYFORD
Housing spokesperson

1 May 2014 MEDIA STATEMENT
Changes to improve home ownership

Lower mortgage interest rates resulting from Labour’s monetary policy changes will help more New Zealanders into their own homes and make home ownership more affordable, says housing spokesman Phil Twyford.

“Just under 65 per cent of all Kiwi households own their own home these days, whereas 20 years ago that figure was closer to three-quarters, and part of the reason is that we pay higher interest rates than our major trading partners and comparable countries.

“Most people would be surprised to learn that in the US people are paying as low as 4.3% for a conventional mortgage, in the UK around 4.4% and in Australia around 5.1%, whereas our mortgage interest rates are nudging over 6% and heading for 8% according to the Reserve Bank and other commentators.

“We are paying an on-going premium because we are not paying our way in the world as a country, and haven’t done so for 40 years, instead we borrow from overseas and sell our businesses and land off-shore to make up the difference, pushing up our interest rates and our exchange rate.

“Our reserve bank upgrade will mean lower interest rates for individuals and business, and a more competitive exchange rate, which in combination will not only make home ownership more achievable after decades of decline, but also make home ownership more viable by lowering construction costs, and make home ownership more affordable for working families through lower monthly mortgage payments.

“Moreover, Labour has a serious plan to fix the housing crisis by building 100,000 affordable starter homes for people to buy, taxing speculators through a Capital Gains Tax excluding the family home, and putting a stop to offshore speculators buying homes here.

“Labour’s policies will begin the journey to bring home ownership back into reach for a generation of young Kiwis, the way it ought to be.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news