New Zealand First’s policy recognizes that different policy mixes are needed for regions with different problems.
Those unable to own their own home must have access to quality and affordable rental accommodation. Existing National Government policy drives rental prices for low income earners up to crippling levels and do not provide for adequate, affordable accommodation in areas of low housing supply.
All New Zealanders who are working must have a genuine opportunity to buy their own home.
New Zealand First believes that this is only achievable by direct government intervention in New Zealand’s overheated housing market. There is more than enough housing at the top end of incomes and serious shortages at the bottom end.
New Zealand First will:
- Provide government assistance for first home buyers.
- Establish a new state agency to acquire land where Special Housing Areas have been designated under the Housing Accords and Special Housing Areas Act 2013, for sustainable residential development.
- Sell residential sections under long term agreements for sale and purchase (up to 25 years) to first home buyers, on a cost recovery basis, so that first home buyers will have access to sections which are affordable, reducing the overall initial capital cost of a new home by about one-third.
- Interest at 2% p.a. for at least 5 years, then rising to lowest market rates.
- Purchasers would build their own homes using normal bank financing, with title to the section transferred to them and the amount owing for the section secured by a second ranking statutory land charge.
- Encourage smaller and more affordable houses on smaller sections.
- Require better building quality and sustainable housing objectives – including leak proofing, insulation and earthquake and landslip resistance.
- Encourage greater use of New Zealand expertise in prefabricated houses.
- Every home to have compulsory and adequate insurance cover. All homes to be compulsorily insured including full earthquake, landslide, flooding and other disaster cover and a minimum of full indemnity insurance.
- Home owners will be able to choose between a state insurance provider to be established or a private insurer.
- Ensure that New Zealand’s housing stock is restricted to New Zealanders.
- Non-residents who are not New Zealand citizens would be ineligible for home ownership except if a genuine need to do so can be demonstrated.
- The terms and conditions upon which existing approvals by the Overseas Investment Commission for the ownership of land by non-residents would be fully monitored and enforced.
- Provide low cost government funding to local authorities for new elderly persons housing and public rental housing projects. Long term two per cent loan finance would be made available.
- Encourage private investment in upgrading rental housing through the taxation system. Owners of rental houses could invest in specified qualifying home improvements and be able to expense them for income tax purposes in the year in which the expense is incurred, including home insulation, solar heating, heat pumps, HRV heating systems, wood pellet and other approved burners, earthquake strengthening, fire, food and other disaster protection.
- A New Zealand Housing Plan will be developed to revamp the New Zealand housing market covering: housing availability and affordability, rental homes supply and affordability, housing-land development and redevelopment, home purchase finance, insurance cover and earthquakes/disaster cover, sustainable housing objectives (including energy efficiency), housing quality, integration of housing with sustainable transport systems, use of New Zealand expertise in prefabricated housing.
Rt Hon Winston Peters MP on this policy
"All New Zealanders who are working must have a genuine opportunity to buy their own home. New Zealand First believes that this is only achievable by direct government intervention in New Zealand’s overheated housing market. There is more than enough housing at the top end of incomes and serious shortages at the bottom end."