Restrict interest only loans when buying NZ property

Restrict interest only loans when buying NZ property

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Bella Hugo started this petition to Grant Robertson and

Dear Grant and Adrian,

As you both are well aware, living in our beautiful county is fast becoming out of reach for most young New Zealanders.

Due to decades of poor planning, immigration influx and lack of adequate infrastructure, young New Zealanders were already struggling in our broken housing system.

With the government’s and RBNZ’s emergency measures last year, without doubt you have added gallons of fuel to the already raging housing market. The current tools that are being implemented to dampen the out of control market is severely inadequate.

The property market is heavily tilted towards investors, who utilise existing equity on their multiple properties to purchase more and more at the expense of FHBs.

The provision for them to borrow money and only pay interest without having to pay any principal means they are able to borrow cheap, pay very little and outbid FHBs time and time again.

As part of your response this May, please ensure that you remove the capability where borrowers can obtain interest only loans and please implement DTI tools across the board, if not then at least for the property investors.

The average tax payers are contributing heavily to the 1 million in emergency housing and 5 million dollars in accomodation supplements EVERYDAY and can’t get a home while investors claim loses, hardly pay any tax, chew through the accomodation supplement and game the system to line their pockets. While the list for Housing New Zealand is ever growing, we have empty houses sitting there just for capital gains.

This is unfair and it increases the gap between the haves and the have nots, increases poverty and degrades our society. Please make this fair. Abolish interest only home loans and please introduce DTI for at least property investment. Let the young ones live in New Zealand, our home that we love.

Thank you

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