Kiwi Dream Remains Just That
Media Release
23 November 2005
Kiwi Dream
Remains Just That
New Zealand First is concerned that many New Zealanders will never be able to attain the Kiwi dream of home ownership, or even worse, will over-extend themselves by taking up questionable offers of finance by banks.
“There is a quiet revolution taking place in New Zealand at the moment, and it threatens one of the fundamental cornerstones of our society,” said housing spokesperson Pita Paraone.
“Due to a combination of factors including student loans, soaring real estate prices and foreign investment, too many New Zealanders are being forever locked out of home ownership.
“Even renting their own home is out of reach for many due to exorbitant rents, causing many families to live in overcrowded conditions with the accompanying health problems, relentless poverty and despair.
“For those who take the gamble and borrow heavily to get on the property ladder, a rise in interest rates or a drop in income can turn the home ownership dream into a nightmare.
Mr Paraone called on the Government to
arrest this alarming trend by limiting foreign ownership of
New Zealand property and by developing policies, such as
rent-to-buy schemes, which will help ordinary New Zealanders
to achieve their dreams.
“We believe that private home
ownership provides an underlying social stability and that
stability is currently under threat by the government’s
ill-considered policies,” said Mr
Paraone.
ENDS