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Affordable housing co-ordinator to be appointed

The government will provide funding for an affordable housing co-ordinator to assist with improving homeownership rates in the Nelson, Tasman and Marlborough districts, Housing Minister Chris Carter has announced.

Monday, September 4th 2006, 10:14AM

by The Landlord

The move follows the publication of a new government-funded study from the
Centre for Housing Research (CHRANZ), titled Affordable Housing in Nelson,
Tasman and Marlborough: Taking Action.

The study has found Nelson, Marlborough and Tasman districts face
significant difficulties with declining homeownership and housing
affordability.

"In 2001, homeownership rates for one family households in Nelson were down
to 44%," Carter said.

"The new CHRANZ study makes it clear those rates are likely to have sunk

lower still following a 70% increase in property prices since 2002.
Affordability problems have been further compounded by a sustained period of
high rents.

The study argues that housing expenses have risen in the region because
local councils and communities have been struggling to balance the need to
retain green spaces and agricultural areas, with the need to free up land
for new housing.

The movement in housing demand in the region has been far more pronounced
than elsewhere, and has outstripped supply.

"Where new housing has been built in the region, zoning has tended to
encourage big, expensive homes on large sections, which is not an efficient
use of land. This trend is mirrored nationally. House sizes have increased
50% in the past decade," Carter said.

Carter earlier announced the government will widen the scope of its Welcome
Home Loan scheme to increase the number of people able to use it to buy
homes. New criteria will double the proportion of the national housing
market accessible to people without a deposit under the scheme.

Copies of the study can be obtained from the CHRANZ website,
www.chranz.co.nz

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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