Home Equity Scheme Too Little, Too Late
new-zealand-first-party
Thu Mar 15 2007 13:00:00 GMT+1300 (New Zealand Daylight Time)
Home Equity Scheme Too Little, Too Late
Thursday, 15 March 2007, 2:20 pm
Press Release: New Zealand First Party
Media Release
15 March 2007
Home Equity Scheme Too Little, Too Late
New Zealand First housing spokesperson Pita Paraone says the Government's plans to introduce a new shared equity scheme for prospective homeowners could widen the opportunity for people to own their first home, but warns that the issue of rocketing housing prices must be addressed if they really want to improve the housing crisis.
"Getting housing policy right is of fundamental importance to Kiwi families and also to the stability and sustainability of our economy as a whole. With house prices now seven to eight times the average income – compared to three times the average income twenty or so years ago – it is clear that housing affordability is a crucial issue," said Mr Paraone.
"By failing to address rocketing house prices, housing affordability, regardless of whether or not the Government assists with the mortgage purchase, will continue to decrease. There will continue to be fewer decent homes at affordable prices.
"In addition to catering for first home buyers in large cities like Wellington, Auckland and Christchurch, we also need to focus on providing adequate, healthy accommodation in areas of low housing supply to end the nightmare of bad housing for thousands of families suffering at the sharp end of the housing crisis.
"While I commend the Government for taking the initiative to introduce a scheme to assist those wanting to buy their first home, it is a case of too little too late with the Minister only looking to introduce a pilot for the scheme next year.
Advertisement - scroll to continue reading
"With such a widening gap between those who have achieved the dream of owning a home and those who, although they are working and striving and earning, unable to achieve that dream, I urge the Minister to roll up his sleeves and get Kiwi Bank on board to implement the scheme as quickly as possible. Mortgaging ourselves to Australian owned banks is not the Kiwi way," concluded Mr Paraone.
ENDS
Advertisement - scroll to continue reading
a.supporter:hover {background:#EC4438!important;} @media screen and (max-width: 480px) { #byline-block div.byline-block {padding-right:16px;}}
Using Scoop for work?
Scoop is free for personal use, but you’ll need a licence for work use. This is part of our Ethical Paywall and how we fund Scoop. Join today with plans starting from less than $3 per week, plus gain access to exclusive Pro features.
Join Pro Individual Find out more
Find more from New Zealand First Party on InfoPages.