Home equity scheme unveiled at least 10 times

Phil Heatley MP
National Party Housing Spokesman

20 June 2007

National Party Housing spokesman Phil Heatley says the public should be deeply suspicious about future announcements from Labour on its shared equity programme for housing.

“Labour has announced the shared equity programme at least 10 times. It’s trotted out as a solution to rising house prices for first home buyers every time the issue comes up.”

Mr Heatley says this year’s budget set aside $1.4 million for ‘modelling’ work on shared equity.

“Yet Helen Clark said this policy was a priority and would be in place during 2006. Now it’ll be 2008 at the earliest that a few lucky New Zealanders might get some help from the Government through shared equity initiatives.”

Mr Heatley says while Labour’s been focussed on shared equity for the past four years, housing affordability’s become a serious issue.

“The reality is that this is now only a pilot equity programme for a lucky few New Zealanders which might start next year.

“Labour would get more bang for their buck if it started dealing with critical issues like the availability of land, and the escalating cost of red tape and building materials.”

Mr Heatley says he is surprised that further modelling work is underway, given that shared equity has been on Labour’s agenda since 2004.

“Every time the issue of home affordability comes up Chris Carter points to the shared equity policy as Labour’s answer. It’s time he changed the record and started looking at the bigger picture.”

ENDS

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