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Yesterday’s announcement by the government to reset Kiwibuild to include lower desposits, rent-to-own and shared equity schemes has welcome echoes of the scheme that allowed my “working class” Mum and Dad to build a new home in Christchurch in the early 1960’s.

While this is a step very much in the right direction a rate of the 0.8 per cent per day cap on interest rates and fees over the life of a loan limited to 100 per cent of the amount borrowed, these draconian contracts will still be a poverty trap for many.