Tens of millions in Government aid will be targeted at young low to middle-income families with children to help them buy their first homes.
Monday, January 10th 2005, 6:17PM
by The Landlord
But there is concern it will not be enough to avert the emerging housing crisis.
Nearly three-quarters of households owned their own homes a decade ago - a world high. But now the figure has plummeted below two-thirds, trailing other English-speaking nations and threatening the economy.
Housing Minister Steve Maharey told the Herald on Sunday this year's Budget package would enable Housing New Zealand Corporation to help with mortgages for those starting their families.
Up to 10,000 families stand to benefit from what Mr Maharey described as "seriously expanded" new aid, beyond the tiny Kiwibank mortgage insurance scheme.
But David Skilling, executive director of the privately-funded New Zealand Institute, said the country was facing a "first-order problem" extending into middle New Zealand.
