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

 


Missed opportunity to relax LVRs

Missed opportunity to relax LVRs

The Government is missing an opportunity to fine tune the mortgage restrictions which are locking so many Kiwis out of the dream of homeownership, Labour’s Housing spokesperson Phil Twyford says.

“Reserve Bank deputy governor Grant Spencer said today the bank believes Loan to Value Ratios (LVRs) are achieving their purpose, and with interest rates going up, these mortgage restrictions could be lifted later this year.

“Now is the perfect time for the Government and the Reserve Bank to agree that LVRs should apply only to Auckland and Canterbury, which are responsible for 90 per cent of house price inflation.

“Why should regional New Zealand continue to be punished for the Government's failure to fix the Auckland housing crisis and get the Canterbury rebuild happening?

“New Zealanders living in the regions are being hit with a double whammy. They have to meet LVR minimum deposit limits while mortgage interest rates are going up, adding thousands of dollars a year to their debt servicing.

“This is all because the Government refuses to crack down on Auckland property speculators and roll up its sleeves to build more houses.

“LVRs have been a shambles from start to finish with the Government not checking their impact on first home buyers until a month after signing off the restrictions. The Reserve Bank has also severely underestimated the effect on new builds.

“National refuses to take real steps to tackle the housing crisis like taxing speculators through a Capital Gains Tax or building large numbers of affordable houses.

“Only a Labour government will tax property speculators to take the heat out of the housing market and build 100,000 affordable homes through our Kiwi Build policy,” Phil Twyford says.

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