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

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news