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

Two Dead, One Injured – Suspect Arrested:

Police apprehended Russell John Tully just after 5pm this evening following the armed incident in Ashburton this morning.

Canterbury dog section and AOS apprehended Tully not far from Lake Hood. No shots were fired although Tully will be treated for minor dog-bite injuries.

Tully is now in custody at Ashburton Police Station. More>>


  • 3 News Out-Link - Livestream: Ashburton shooting press conference from 5pm

  •  

    Parliament Today:

    John Key Press Conference: Ashburton Shootings, Judith Collins Inquiry

    Prime Minister John Key has delayed the release of Nationals’ fiscal policy in light of this morning’s shooting at a Work and Income office in Ashburton... Key also answered questions about Judith Collins, and confirmed that independent inquiry will be held with regard to allegations made against Collins. More>>

    Gordon Campbell:
    On John Key’s ‘Blame It On Judith’ Strategy

    Right now, Prime Minister John Key seems intent on limiting the scope of any inquiry into his government’s dealings with Cameron Slater. The declared aim is to make that inquiry solely about Judith Collins’ behavior with respect to the Serious Fraud Office. More>>

    ALSO:

    Gordon Campbell: On The Debate, And The Collins Accusation

    Debating is a peculiar discipline in that what you say is less important than how you’re saying it. Looking poised, being articulate and staying on topic generally wins the day – and on that score, Labour leader David Cunliffe won what turned out to be a bruising encounter with Prime Minister John Key last night on TVNZ. More>>

    ALSO:

    Gordon Campbell: On Winston Peters' Latest Bout Of Immigrant Bashing

    It is only one poll, but rather than cannibalising each other's vote, Colin Craig and Winston Peters do seem to be managing to find the room to co-exist... Few are questioning how Peters got to this happy place, and what it says about the mood of the electorate. More>>

    ALSO:

    More Immigration News: First People Trafficking Charges

    The first people trafficking charges in New Zealand have been brought by Immigration New Zealand (INZ)... The defendants have been charged under the Crimes Act 1961 for arranging by deception the entry of 18 Indian nationals into New Zealand. More>>

    Collins 'Misinterprets Media Reports': "Too Compromised To Remain Justice Minister"

    Bizarre claims by Judith Collins this morning that she had been cleared of inappropriate behaviour by the Privacy Commissioner demonstrates she is too compromised to remain Justice Minister, Labour MP Grant Robertson says. More>>

    ALSO:

    Labour On Climate Change: Focus On The Now For The Future

    A Labour Government will put in place a comprehensive climate change strategy focusing on both mitigation and adaptation, establish an independent Climate Commission and implement carbon budgeting, says Labour Climate Change spokesperson Moana Mackey. More>>

    ALSO:

    Gordon Campbell: On National’s Housing Assistance Plan

    So, as many as 90,000 people could derive some benefit from National’s housing assistance plans for low and middle-income earners... Yet in reality, the benefits seem likely to be insignificant, and they will be skewed towards those at the top end of the income group that’s supposedly the target. More>>

    ALSO:

    Election Data Consortium: National’s Worst Case Scenario At Stage One?

    A month out from the general election and ipredict traders are still forecasting National’s vote to slip below current polling levels and there is potential for it to fall further. More>>

    ALSO:

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news