Affordable Housing Policy of NZ People's Party
New Zealand People’s Party are going to help you get into your first home and ensure a life of prosperity and health.
While our city and our regions are facing a housing crisis of supply and demand, there is a bigger issue following along close behind. The rise of unaffordable housing comes with it the consequences of locking an entire generation and those following it out of housing. The ambition to own you own home has always been the corner stone of New Zealand’s values. With interest rates slowly rising off record lows this dream only slips further. Putting home ownership back within the grasp of all New Zealanders will have long lasting positive impacts on the health and safety of our communities.
Interest Free First Home Deposit Loan
It is our belief that one of the core responsibilities of government is housing its citizens. Getting New Zealanders into their first home is an investment in the future economic and social prosperity of New Zealand. Helping New Zealander’s with the deposit for their first home is the most effective tool we have to help get people into homes today. Many of the other proposals put forward make vague promises that, if they ever do, kick in a long way down the track. They don't help kiwis today, kiwis who are just out of reach of their first home.
New Zealand People’s Party will:
5 Year Interest Free Loan for First Home Buyers
Giving those just out of reach of their deposit a helping hand will lower the ladder that has been progressively been pulled up from them. We will split this loan into 2 tiers to match the varying needs of New Zealand.
First home buyers will receive:
- $100,000 of first home buyers living and buying in Auckland.
- $60,000 for all other first home buyers
We believe these will help all New Zealanders get affordable access to housing. This is an extremely affordable scheme for New Zealand. While there is an upfront cost for the government in providing the cash, because it is only a loan this will only cost the government the interest. Buyers will be entitled to just one loan per property and must be paid back before they buy any other properties or interest will be charged, even if it is within the 5 years.
After the 5 years is up, if the loan hasn't been paid off buyers will be charged interest at their standard home loan rate. This provides the added incentive to pay this off before the 5 years is up. An Aucklander who borrows the maximum $100,000 and pays it off when the 5 years is up will cost the Government about $15,000.
We see this as an affordable measure to get New Zealanders back into their own homes and invest in their future. Getting people back onto the housing ladder means they have the same opportunities previous generations had. We want to see a prosperous New Zealand where everyone can own a home. And once they own their own home they can invest in it, improve it and build upon it.