NZ 1st homebuyers are ScReWeD...

[Aaron]

Here I was worrying about first home owners and it turns out according to the census we have more home owners than ever. Although 29% of the country wasn't even born here so maybe they bought the houses.

Or did I read that wrong more home owners or homos than ever. Maybe both, I certainly did not fully appreciate the gender question at the time.

[kiora]

No fish hooks around the corner?

"Government to step in and underwrite new private house building"

https://www.stuff.co.nz/politics/350...4+October+2024

[Aaron]

No fish hooks around the corner?

"Government to step in and underwrite new private house building"

https://www.stuff.co.nz/politics/350...4+October+2024

Not a very informative article, but who needs detail such as expected cost etc.

The optimist in me says this is a way to progress more house building and increase supply.

The cynic thinks taxpayer dollars are being used to prop up property developments that are too expensive to attract enough buyers. Developers won't have to drop prices to attract buyers and our tax dollars are being used to prop up wealthy developers and house prices.

I think it is a rehash of some Labour policy so nothing new here.

$2.3billion in accommodation supplements (taxpayer dollars) to support rents and now who knows how much to support developers.

One thing we can be sure of Adrian will cut interest rates to make it all affordable before house prices fall in a meaningful way.

National or Labour you can be sure everything will be done to ensure house prices do not become affordable.

[thegreatestben]

Don't think there's going to be much cost, this is just taking the kiwibuild underwrite and removing the first home buyer/ballot etc. The costs of salaries etc will be less as no longer need to maintain an outward facing customer website and portal. Capture and record applications, run ballots, record and manage sales and the deed of covenents that are required to stay in house for 1/3 years etc. That's probably atleast a million in salaries alone.

Main thing is ensuring they underwrite quality developments and that if they do end up realising any of the underwrites that they are bought at an agreed price and as long as they are sold at cost or more then it's not really an issue. Kiwibuild never sold a house at a loss but they didn't factor in any of the costs I mentioned above, they ran a small profit on sales of realised underwrites.

Buying a couple and onselling them isn't failure it's intentional design, can't let the media paint it the wrong way.