NZ first home buyers over 80% are screwed

[brokerman]

Nothing to do with lenders, all to do with a government and reserve bank meddling and having 'unintended consequences'.

https://www.oneroof.co.nz/news/40503?fbclid=IwAR2f8WXNefjhNzAHaRG6ylCzMDt-Zo3FRnZMj2y5t9bKK2gICYwj5UbfCQg

[McDuck]

Nothing to do with lenders, all to do with a government and reserve bank meddling and having 'unintended consequences'.

https://www.oneroof.co.nz/news/40503?fbclid=IwAR2f8WXNefjhNzAHaRG6ylCzMDt-Zo3FRnZMj2y5t9bKK2gICYwj5UbfCQg

I think you are viewing this selectively, from behind the glasses of self interest.

The banks have effectively created an arms race situation.

Pit two house buyers against each other, by offering both sides unlimited money (debt).

Put then to battle in a highly charged auction type situation...

The price drives up , and up, and up,

All other problems are generated from this.

[brokerman]

I think you are viewing this selectively, from behind the glasses of self interest.

The banks have effectively created an arms race situation.

Pit two house buyers against each other, by offering both sides unlimited money (debt).

Put then to battle in a highly charged auction type situation...

The price drives up , and up, and up,

All other problems are generated from this.

Interesting view!

[Perry]

Mortgage decline rates set to skyrocket as responsible lending changes bite
16 Nov 2021

I worry that not only do homeowners have to show affordability assuming a mortgage rate of 6.5 per cent, but they now also face scrutiny of their living expenses.Lenders are now forced to trawl through bank statements in detail looking at every aspect of your life. They are being asked to assess the way you live, where you shop, and what you buy.

Do you spend too much on Friday nights? Should you have purchased those shoes on Afterpay? Will you get pregnant in the next 12 months? It’s all up for interpretation. And if lenders don’t do that, or the regulator thinks they got it wrong, they could end up with a fine of up to $200,000 falling on the individual responsible.

The problem with CCCFA legislation is that it is designed for high-risk consumer finance lending and dealing with finance companies, but it covers everything including mortgages. It is poorly designed and feels as though it’s been bulldozed through without proper consultation or genuinely listening to market feedback. It will fail homeowners and has serious unintended consequences.

Oh, dear!
Time for Edwards to saddle up, ride down to the banks' credit departments and put them right.
RIP first home buyers
13 Nov 2021

Or is it a matter of different rules for banks and LLs?

Silly me. Of course it is. Labour likely speculates that renters are among their core voters; home buyers being less likely so.

[donna]

^^ socialist agenda. They want lots of build to rent developments.

cheers

Donna

[McDuck]

^^ socialist agenda. They want lots and of build to rent developments.

cheers

Donna

The change in the unitary plan must have had a huge upward pressure on prices.

I mean, I've watched this first hand, as high density developers could pay double the going rates for land.

Would you say the Govt is behind that?

And if so, what department, or group of people?

[Engineer]

What department? The ministry of Construction Industry, Housing and Utilities Sector (Aotearoa Federation)

The Ministry carries out development and implementation of the state policy and regulation in the field of construction, architecture, urban planning, housing and utilities, provides public services and manages state property in the relevant field. Kiwi build is great example of socialist undertaking in furtherment of supreme leader Ardern.

[Perry]

Kiwi build is great example of socialist undertaking in furtherment of supreme leader Ardern.

A great example of FAILURE of both comrade commissar Ardern and socialism. Not that socialists ever learn, of course.

[McDuck]

What department? The ministry of Construction Industry, Housing and Utilities Sector (Aotearoa Federation)

The Ministry carries out development and implementation of the state policy and regulation in the field of construction, architecture, urban planning, housing and utilities, provides public services and manages state property in the relevant field. Kiwi build is great example of socialist undertaking in furtherment of supreme leader Ardern.

Who came up with the idea of the Unitary plan?

Usually these things can be raced back to one person.



I remember John Key saying something about young people having to lower their expectation to a small apartment.
(That was ages ago, when he was PM).