Phil Twyford
Housing Spokesperson

30 July 2013

National’s inaction slams door on home ownership

Westpac’s move to make it easier for first home buyers to use their parents’ home for equity, is just the latest sign that New Zealanders are struggling in National’s housing crisis, says Labour’s Housing spokesperson Phil Twyford.

“‘The Bank of Mum and Dad’ is a time-honoured way for Kiwi parents to help their kids get a deposit together. Good on Westpac for trying to work out ways to make this easier. But asking parents to put their savings on the line is a sign of how desperate things have got under this Government.

“Today New Zealanders are working hard and getting nowhere. Just days ago, Housing Minister Nick Smith proposed first home buyers crack open their KiwiSaver to make up for expected Reserve Bank changes that will lead to banks restricting deposit lending. That’s no solution.

“Instead of fronting up with policy of his own, Nick Smith went further today, calling Labour’s policy to address his housing crisis a ‘gimmick’.

“Cracking down on offshore property speculators, introducing a Capital Gains tax and building 100,000 affordable homes, won’t seem like ‘gimmicks’ to parents putting their retirement savings on the line just so their kids can get ahead.

“National has failed to act on the housing crisis for four and a half years. It has left first home buyers in the gun, and instead of protecting their interests has left the banks to clean up the mess.

“Labour understands that no single policy will offer a silver bullet solution. But we at least understand that there is a problem. National is out of touch, and its inaction is slamming the door on home ownership,” Phil Twyford said.

ENDS

© Scoop Media