Investors snap up more homes than first-time buyers

  • 27/04/2016
(File)
(File)

Critics say new mortgage-leading stats released by the Reserve Bank show investors are snapping up houses at the expense of first-time buyers.

More than 7000 new mortgage loans were approved for investors in March -- that's three times the number approved for first-time home buyers, who sat at just 2044.

Green Party co-leader Metiria Turei says it's proof the National Government hasn't been helping out young Kiwis enough, and instead is focusing on keeping investors happy.

"Time and time again, the Government has insisted that we don't have a housing crisis in this country. Well, here's more evidence that National's in denial.

"Wealthy speculators are getting richer off their property investments, while young Kiwis can't get a look in. That is morally wrong, and a massive failure of John Key's Government."

The Greens say the Government needs to make it easier for Kiwis to buy their first home.

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