The shock impact of 55% of home owners with a mortgage walking off low interest rates to high interest rates and the economic knock on impact of that have been sorely undercooked.
We are a much poorer people than our inflated housing valuations portray.
The % of income spent on mortgages
60%- Tauranga
55% – Auckland
49%- NZ average
47%- Hamilton
47%- Christchurch
44%- Wellington
43%- Dunedin
We can’t allow first time home buyers to start falling over and see an entire generations wealth burnt off.
The State need stop step in here and offer owner occupiers of first time homes a Mortgage backstop via KiwiBank if the Australian Banks start mortgagee sales as the economy constricts.
We can’t let owner/occupier first time home buyers lose what they have worked for, it would generate a poverty loop that would mutilate an entire generation of home owners.
The speculators can all get smashed, but owner/occupiers must be shielded by the incoming shockwaves.
First time home buyers to become new political friction point as mortgagee sales set to soar.
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Unfortunately, first home buyers unable to access money have zero political clout and ergo are easily dismissed by sociopathic politicians. Kiwibank isn’t necessarily the greatest either, it’s just not off-shore owned, that’s all. David Seymour’s shocking promotion of Paula to Pharmac, should serve as a warning as to how some politicians will hit out at achieved people who stick their heads above the parapet and to whom they know they are inferior, in this instance, trained medical professionals. But the intelligence vacuum currently dominating the Beehive bodes badly for everybody except themselves and their mates. There may be other options rather than the banks, as there have been in the past, but again job security is crucial, and that also seems to be diminishing. National’s low income economy is yet another shafting of the undeserving poor, and tossing out pay equity blatant misogyny.
first home owners will be thrown to the wolves and speculators and land lords will have their mortgages paid by the government .This will happen because we cant have the riff raff workers owning their own homes can we .
Given the rising price of home insurance, maybe the government should become the insurer of last resort – maybe even first resort.
Bring back the 4% Housing Corp mortgages. The only way to fix this.
Yes please
And hold all those accountable for neoliberalism destroying that accountable for their treason, and give them the appropriate traditional punishment.
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