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

© Scoop Media