Home News NZ PM urged to follow Australia

NZ PM urged to follow Australia

Font size :
New Zealand’s opposition party has urged the country’s Prime Minister John Key to follow in the footsteps of Australia and end foreign speculators in their housing market.

Opposition leader Andrew Little said the New Zealand dream of home ownership must not be treated as a “speculator’s plaything”. This comes as Australia has been seeing house price increases as foreign home buyers drive up property values and contribute to New Zealand’s housing crisis.

"Australia already has a ban on foreign home buyers, but a new report by the Australian Parliament recommended establishing a register that records the citizenship and residence of home buyers as well as tougher penalties for avoidance," Little said in a statement.

"Australia is doing what it can to keep the dreams of first home buyers alive. That is a huge contrast to here in New Zealand where the government refuses to acknowledge there is a problem and won't even collect the data on foreign home sales.”

A parliamentary committee last week proposed additional charges for foreign buyers, including stricter rules and penalties, as well as criminal charges for foreign buyers and their accomplices should they illegally buy homes across Australia. 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks

The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

NAB slashes growth forecasts for houses, units NAB slashes growth forecasts for houses, units Numerous factors, including tighter credit rules and the growing supply of new stock, have reined in Australia’s seemingly unstoppable housing market boom ... Read more

Broking industry wants to reform commission structures Broking industry wants to reform commission structures It argues that scrapping commissions altogether would push up the interest rates paid by consumers ... Read more

More mortgage news and articles

Sponsored Links

Friday, Jul 21, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords