Time to protect 1st time home buyers


The Economy is in for a very hard landing as 55% of mortgage holders walk off historically low interest rates onto far higher ones.

We are seeing this destruction of disposable income impact retailers and hospitality as everyone cuts costs to stay afloat.

Those with a mortgage are now spending 49% of their income just servicing that mortgage while the 4 main Australian Banks reap billion dollar profits.

As the economy heads towards the rocks – who should the Government bail out – home owners or the Banks?

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.

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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.

The Aussie Banks have done very well for themselves…

ANZ boasts $2.26 billion cash profit, but warns tough times ahead

ANZ New Zealand is boasting a $2.26 billion cash profit for the last 12 months to September 30, 2023 – but is warning of potential tough times ahead for some customers.

The news comes after last week BNZ posted a net annual record of more than $1.5 billion, and Westpac $963m.

Watching them drive Kiwis to the wall with mortgagee sales while they have made billion dollar profits is an obscenity.

This will become a political friction point.




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  1. Protecting first home buyers is subsidising property investors in the same way that accommodation supplements subsidise property investors.
    Sometimes you need to make a sacrifice for the greater good, and the sacrifice is not a whole generation of first home buyers, it is a portion of privileged first home buyers likely financed into ownership b the bank of mum and dad.
    They will be fine. It is the people who work and want a home but can’t afford one, and renters who are held to ransom by unscrupulous landlords, that you should be concerned about.
    And until house prices fall by at least 50% from current levels, or even better 70%, these young people are destined to head offshore to a country that offers more than wolverine tears.

  2. One of the advantages of having a state owned bank is that it can offer cheaper mortgages to stressed borrowers, even if it is not in its economic interest to do so.

    • However I can’t see this awful government agreeing to that since it would probably create problems for the Australian banks.

    • @mikesh.
      “…a state owned bank…” ?
      ” Stressed borrowers…”
      “…even if it is not in its economic interest to do so.” Poor widdle banksters then aye? No pwofits…! Awwww…. what’s the poor widdle bankster going to do, ‘state owned’ or otherwise since ‘the state’ is now owned by the banks, their lobbyists and Natzo Party donors…? Awwwwwww….
      In AO/NZ the head of the fiscally dysfunctional pustule that will see most of us living in financial stress for the larger part of our lives is the foreign owned bankster cartels who rake in the second highest profits to *Canada. They effectively launder syphoned off then sequestered farmer earned money by re-lending then re-lending through the various retail bankster channels, with just a little skimmed off on the side because there’s #A so fucking much of it that no one would miss it and #B what else does one do with it once it’s built multi-billionaires and multi-millionaires? Drop it off at the Sallies? Spread it around? Yeah fucking right.
      * The Press.
      NZ banks ‘some of the most profitable in the world’
      “In a submission to the competition watchdog’s market study into the banking industry, the 2degrees founder claimed the “average Kiwi household” would lose out between $450,000 and $1m over their lifetimes because of excess margins paid to the Australian-owned banks.”
      The truly horrifying fact of the matter is simply this. We AO/NZ lot are hugely wealthy. It’s just that we don’t see any of the wealth.

  3. ” Watching them drive Kiwis to the wall with mortgagee sales while they have made billion dollar profits is an obscenity.

    ” This will become a political friction point. ”

    No Bomber this information regarding the Banks and their M.O have been common knowledge for a long time.

    Kiwis used to have an expectation that there would be a paid asset for them after a lifetime of working and paying back ” with interest ” a free hold property when they retired. In other words a nest egg security to assist them in retirement

    We voted and signed it all away with promises of ” decent societies ” ” Be there with Labour ” ” A brighter future ” for the wealthy class 2008 ” # Lets do this 2017 and on it goes.

    And Luxon has dared to promise

    Time to protect first home buyers …admirable sentiment but the unregulated capitalism you often refer to are not about protecting anyone unless you have donated and hold a extensive property portfolio or like some MP’s hold extensive holdings or interests in the property, mining , seafood , or financial area which covers a large part of the economy.

    ” I’m optimistic about New Zealand.

    A growing economy – where entrepreneurship and innovation delivers great jobs and higher incomes for all Kiwis ”

    I remember the shyster bullshitting on the same marketing clichés in 2008 and the Hobbits lapped it up and those without wealth are still waiting for these glorious miracles to eventuate.

    Meanwhile Key , English , Joyce and speaker Carter and the rest of the Kiwi mafia are sitting pretty with no conscience for all of their slaves they legislated to keep them where they are now , Luxon and Willis’s bottom feeders.

    The latest from Luxon ” A future we can believe in ” is so utterly offensive and misleading that the fact he can peddle this shit is an affront to all thinking , decent Kiwis.

    The only future that is believable is the same future the shyster promised in 2008-16.
    The enrichment through sovereign legislation of our liberal free democracy for the oligarchy and vested interests.

    • Moss. Did that dimwit really say,” a future we can believe in”? It sounds rather like John Key’s “sitting on a cusp.” How disgusting they are, and how offensive.

    • Luxon wouldn’t know what innovation or entrepreneurship even mean. He’s a lackey salesman. I read your report here, and I felt sickened, not by you, but by what these self-serving cons keep spewing. Went for a walk in the gentle autumn mist and will go for another.

  4. So every man woman and child paid $450 in exported bank profits. Why isn’t it part of the reserve bank governors mandate to stop this from occurring?

  5. What about a gofundme for the homeowners: “Show compassion to [Insert name] who has dropped a $200k deposit on a 2 bed do-up drainage ditch and now faces negative equity. Please give generously to [Insert name]”?

    • No. There is no reason usurious banksters should be paid by donors, there is no reason they should be paid by anyone.


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