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

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news