Rising house prices in Wellington show the need for UnitedFuture’s housing policies, says UnitedFuture Leader and Ohariu MP, Hon Peter Dunne.
“House prices in Wellington are now increasing faster than in Auckland or Christchurch and this will be putting pressure on families looking to buy a home.
“This is a policy that could make a real difference for New Zealand families, simply by giving them a choice about how they use the family support to which they are entitled,” said Mr Dunne.
UnitedFuture’s policy would allow a Working for Families recipient to withdraw their annual entitlement in one lump sum for the purposes of paying a home deposit.
“This is money that a family would already receive, what our policy allows is for when and how they receive that entitlement.
“That is an important change – Working for Families was introduced thirteen years ago, before we started seeing periodic price booms in housing across the country.
“We have already seen moves to enhance the options available for first home buyers through HomeStart grants.
“UnitedFuture’s policy would add one more option,” Mr Dunne said.
According to Inland Revenue, the average entitlement would be about $6500 which according to Mr Dunne “could make all the difference between owning a home or being locked out of the market”.
“This is a policy that provides a useful option for families that will supplement their own savings, Kiwisaver and Government initiatives like the HomeStart grants.
“Families should be given all the resources available to them so that they can make the best choices for their families and gain an opportunity to own a home,’ Mr Dunne concluded.