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Private landlords should be included in bill – Property Brokers

A big year is ahead for the property management industry.

Monday, December 4th 2023, 9:04AM 2 Comments

by Sally Lindsay

Although the Residential Property Managers Association had indication from Housing Minister Chris Bishop, while he was on the campaign trail, he would rethink Labour’s proposed Residential Property Managers Bill, introduced to Parliament in August, the coalition Government has been silent on it.

Property Brokers property management general manager David Faulkner isn’t convinced the bill will be rewritten to any great extent or if at all. The agency made a submission to the bill and also backed the REINZ submission.

He says the industry does need to lobby the new Government to include private landlords in the bill “If not that, at least to have a public register of every residential landlord in New Zealand.”

Faulkner says regulation of property managers is necessary and a good thing. It will increase professionalism in the industry.

“There is a now a trend of more landlords using property managers. I believe more than 80% of rental listings are now listed though a property management or real estate company. That’s a big change from a few years ago.

He says regulation will lead to greater protection for landlords, particularly when it comes to money being held in a trust account, and also professional conduct as well. Ultimately those benefits flow through into the tenants. They know that they're going to be treated professionally.”

Faulkner says it's not always the case when dealing with mum and dad investors, and that is not denigrating them.

“There's a lot of skill that goes into property management and landlords need to know what you're doing. Mum and dad investors don't always know their rights and responsibilities under the Residential Tenancies Act, so I think the bill will go through.”

There is a risk that it may not because ACT didn’t support Labour’s proposed bill, but Faulkner thinks it's a small risk. “The coalition Government can change the bill, proceed with it as it is, or scrap it. We think National and New Zealand First will proceed with it because they voted for it when it first came before Parliament.”

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Comments from our readers

On 3 December 2023 at 10:11 pm Steve Judge said:
Resuming deductions for landlords will open up the rentals again. Most of the landlords are MA & Pa landlords with only 1 or 2 rental properties. They will be attracted to the rental market once more. I dont know what labou rwas trying to do with the hate campaign against private landlords. They really shot themselves in the foot with that hate campaign. I think they just wanted to control everybody. It didnt work as they didnt have any housing stock. All they had was a whole lot of motels in the end.
On 4 December 2023 at 11:27 pm Kevin Edmunds said:
IRD treats all landlords as businesses and Tenancy Servcies and Tenancy Tribual treat all landlords as professionals. Private landlords have the same obligations and responsibities as Property Managers inc Bond handling, Healthy Homes comliance etc. No reason why they should not be in this bill.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.35 6.89 6.79
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.79

Last updated: 14 February 2024 1:37pm

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