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957 posts

Ultimate Geek
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Topic # 223079 11-Sep-2017 21:25
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This should shake things up and entice those first time home buyers.

 

https://www.stuff.co.nz/national/politics/96721620/politically-correct-latestage-party-promises-target-firsthome-buyers

 

A $20,000 to $30,000 sweetener to boost the existing Home Start Grant. That means couples hoping to buy an existing home would be eligible for a $20,000 Government grant to go towards their deposit, while single homebuyers could get $15,000.

 

Jacinda Ardern has already thrown cold water on the idea, saying there weren't enough houses and it would drive up prices. tongue-outtongue-outtongue-out

 

 


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11521 posts

Uber Geek
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  Reply # 1862564 11-Sep-2017 22:16
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If this was proposed by Labour it would be dismissed as a vote grab. National have been in the position to do this for quite some time however the looming electoral defeat prompts them to do it now.




Mike
Retired IT Manager. 
The views stated in my posts are my personal views and not that of any other organisation.

 

 It's our only home, lets clean it up then...

 

Take My Advice, Pull Down Your Pants And Slide On The Ice!

 

 


100 posts

Master Geek
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  Reply # 1862601 12-Sep-2017 07:02
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MikeB4: If this was proposed by Labour it would be dismissed as a vote grab. National have been in the position to do this for quite some time however the looming electoral defeat prompts them to do it now.

 

Agreed, first real bone thrown to FHBs, however the income caps rule out many who need to earn that much to service the debt if they're lucky to win a house in a ballot to begin with. I am trying to navigate this process atm, the whole thing is maddening. 


 
 
 
 


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Uber Geek
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  Reply # 1862603 12-Sep-2017 07:37
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How can a gift of free money (taken from other taxpayers) help FHB in markets where there's a shortage of property for sale?  All it'll do is increase demand which will drive prices up - putting FHB back in the same position they're already in.

 

It's remarkable that National would sink to the level of offering an election bribe of that type. 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.


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Master Geek
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  Reply # 1862604 12-Sep-2017 07:41
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Fred99:

 

How can a gift of free money (taken from other taxpayers) help FHB in markets where there's a shortage of property for sale?  All it'll do is increase demand which will drive prices up - putting FHB back in the same position they're already in.

 

It's remarkable that National would sink to the level of offering an election bribe of that type. 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

It doesn't because there's a cap at which you can't get these grants anymore. After that point they are useless. And those caps are pathetically low and your only real chance at coming under them in Auckland is to win a ballot. Ironically, this is what Labour's Kiwibuild plan will involve too, so not really much help there.

 

Also, National's track record at dealing with housing is far better than Labour's. And I doubt they have an agenda of wanting to keep house prices high if it means they lose the election. 


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  Reply # 1862610 12-Sep-2017 08:00
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GV27:

 

Fred99:

 

How can a gift of free money (taken from other taxpayers) help FHB in markets where there's a shortage of property for sale?  All it'll do is increase demand which will drive prices up - putting FHB back in the same position they're already in.

 

It's remarkable that National would sink to the level of offering an election bribe of that type. 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

It doesn't because there's a cap at which you can't get these grants anymore. After that point they are useless. And those caps are pathetically low and your only real chance at coming under them in Auckland is to win a ballot. Ironically, this is what Labour's Kiwibuild plan will involve too, so not really much help there.

 

Also, National's track record at dealing with housing is far better than Labour's. And I doubt they have an agenda of wanting to keep house prices high if it means they lose the election. 

 

 

That's a joke - right?

 

Ardern's comment that the way to deal with the issue is to build more homes is correct.

 

 


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Master Geek
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  Reply # 1862614 12-Sep-2017 08:07
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Fred99:

 

 

 

That's a joke - right?

 

Ardern's comment that the way to deal with the issue is to build more homes is correct.

 

 

 

Feel free to consider whether it's realistic that the housing crisis really only began the second National took office. 

 

Labour can't exactly claim they did too much when houses prices rocketed between 2000 and 2007. The only reason they dipped was the GFC, and I'm not sure Labour really wants to take credit for that. Suddenly it was a high priority once they were in opposition.




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Ultimate Geek
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  Reply # 1862615 12-Sep-2017 08:08
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MikeB4: If this was proposed by Labour it would be dismissed as a vote grab. National have been in the position to do this for quite some time however the looming electoral defeat prompts them to do it now.

 

Which is not a bad thing. Democracy, with a bunch of parties fighting for votes. In the end its us Kiwis that win and we select the best deal.




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Ultimate Geek
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  Reply # 1862616 12-Sep-2017 08:10
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Fred99:

 

 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

I don't know of a single home owner in NZ that wants property prices to drop. Do you?


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  Reply # 1862622 12-Sep-2017 08:23
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Wiggum:

 

Fred99:

 

 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

I don't know of a single home owner in NZ that wants property prices to drop. Do you?

 

 

 

 

I actually don't care much - I've never treated our home as a primary "investment" with expectation that it's value would increase, more just as security that it was a place to live from which we couldn't get turfed out, weren't paying rent to someone else, and because we own it, were free to update, alter, and decorate etc to suit what we wanted.

 

IMO home ownership is a very good idea and should be encouraged by government policy. Home ownership rates are falling - and have been since the reforms of the '80s. Those reforms were from a Labour government, so if someone wants to blame Labour, then that's a good starting point though possibly not very relevant and not offering a solution.

 

The fact that property prices have increased at high rates (well above inflation or practically any other investment opportunity) has led to a frenzy - people buying at inflated prices that they can't really afford, with hope and a prayer that prices will continue to go up at similar rates.  They can't and won't indefinitely. Nobody will like it when it happens (price drops) but it will happen.  Then a huge blame-game will ensue.


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  Reply # 1862629 12-Sep-2017 08:56
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Wiggum:

 

Fred99:

 

 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

I don't know of a single home owner in NZ that wants property prices to drop. Do you?

 

 

 

 

If it helps the current generation of first home buyers into homes I would be OK with a drop in prices





Mike
Retired IT Manager. 
The views stated in my posts are my personal views and not that of any other organisation.

 

 It's our only home, lets clean it up then...

 

Take My Advice, Pull Down Your Pants And Slide On The Ice!

 

 


10534 posts

Uber Geek
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  Reply # 1862703 12-Sep-2017 10:43
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Fred99:

 

How can a gift of free money (taken from other taxpayers) help FHB in markets where there's a shortage of property for sale?  All it'll do is increase demand which will drive prices up - putting FHB back in the same position they're already in.

 

It's remarkable that National would sink to the level of offering an election bribe of that type. 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

Been a number of bribes, almost daily

 

I support anything that helps FHB. But they need to be smart. We have a housing crisis, we need more homes/. Prices are high, we dont want demand

 

Leave the 10k at 10k, increase the 30k to 40k for those who will build. Keeps these new entrants away from auctions  and adds new stock




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Ultimate Geek
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  Reply # 1863083 12-Sep-2017 22:10
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MikeB4:

 

Wiggum:

 

Fred99:

 

 

 

OTOH National seem to have an agenda of wanting to keep property prices high - so perhaps that's their angle on this.

 

 

I don't know of a single home owner in NZ that wants property prices to drop. Do you?

 

 

 

 

If it helps the current generation of first home buyers into homes I would be OK with a drop in prices

 

 

First time home buyers that are already in their first homes will disagree. I promise you.


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  Reply # 1863106 12-Sep-2017 23:28
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Neither National or Labour want house prices to drop. As they both know that baby boomers and other older generations are far more likely to own their own homes. And they are also getting close to the age where they are or will soon be selling up and downsizing their homes. And these generations also vote in far higher numbers. That is why they have the special housing areas, and the kiwibuild policy. Gives a small number of people really cheap houses. So there can be promotional articles with lots of warm fuzzies. But no real dent in house prices.

 

Also when house prices drop, the banks get super strict with their lending criteria. Which means not many first home buyers are able to take advantage of falling house prices. And it means a contraction in the construction industry, which in turn spills over into the rest of the economy, then higher unemployment. And before you know it - a recession.

 

Andrew Little while he was still Labour party leader, said he wanted house price inflation to slow down to 1% per year. I don't know if JA has been asked that question. It will take a very long time for current house prices to become affordable with 1% per year inflation. Unless the reserve bank allows inflation in the rest of the economy to run at 10%+ for awhile. Along with all of the other problems a high general inflation rate causes.






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Master Geek
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  Reply # 1863109 12-Sep-2017 23:35
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She was asked that question in the second debate. Said she want the houses prices to remain flat and to pump in a lot of the smaller cheaper houses to allow more people to own.

 

 


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Master Geek
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  Reply # 1863327 13-Sep-2017 10:11
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tdgeek:

 

 

 

Been a number of bribes, almost daily

 

I support anything that helps FHB. But they need to be smart. We have a housing crisis, we need more homes/. Prices are high, we dont want demand

 

Leave the 10k at 10k, increase the 30k to 40k for those who will build. Keeps these new entrants away from auctions  and adds new stock

 

 

The income cap is more of a problem for new builds - house and land for Auckland for under $650K under a ballot? Are you going to service that with a household income of under $130K? We are basically on that cap and getting HNZ approval to even enter a ballot to get finance is a mission.


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