matching a policy National announced earlier in the election campaign.<\/a> <\/p>\n\u201cFor a $700,000 home, a 5% deposit is $35,000, compared with $140,000 for a 20% deposit,\u201d McAnulty said.<\/p>\n
\u201cThat\u2019s a huge difference for people trying to get their foot on the property ladder.\u201d <\/p>\n
Public housing tenants will have the option to buy the home they are living in, although Labour cannot guarantee that all houses will be for sale. Labour said that for each house sold, three more would be built in its place. <\/p>\n
McAnulty said about 1100 tenants in the public housing system were paying market rent and he thought these people were probably capable of buying their own home. <\/p>\n
\u201cWhat we know is that people paying rent can, on the whole, usually pay a mortgage \u2013 it\u2019s just saving for the deposit [that is difficult].<\/p>\n
\u201cWhat we\u2019ve said is that if they can meet those financial requirements, K\u0101inga Ora will work alongside them so they can build up that 5% deposit.\u201d <\/p>\n
McAnulty said funding for the scheme was incorporated into Labour\u2019s plans for the K\u0101inga Ora build programme. He said the building of additional houses to make up for any sold was a key part of the policy. <\/p>\n
\u201cIf you look at schemes overseas where they have allowed people to buy their own homes, council housing in the UK for example, under [Margaret] Thatcher and others, the big mistake they made was that they didn\u2019t have a ratio of builds to sales.<\/p>\n
\u201cAt a three-to-one ratio, we will always expand, the number of K\u0101inga Ora homes will never go backwards.\u201d <\/p>\n
Public housing tenants can already potentially buy their homes from K\u0101inga Ora. However, the new policy would expand that programme and introduce a rent-to-buy pathway.<\/p>\n
Some community housing providers offer a similar route to home ownership.<\/p>\n
Labour announced the policy as it attempted to reset its campaign after a rocky week in which the party was dogged by photographs of its likely coalition partners campaigning with members of gangs. <\/p>\n
On Friday, Kerrin Leoni resigned as a Labour candidate when video emerged of her campaigning with gangs \u2013 something she had previously denied. <\/p>\n
McAnulty said he was \u201cout and about over the weekend\u201d and the gang issue \u201ccame up once\u201d.<\/p>\n
By contrast, McAnulty said he had \u201clost count\u201d of the number of times cost of living issues had come up.<\/p>\n","protected":false},"excerpt":{"rendered":"Labour said it would allow these same tenants to make use of an expanded First Home Loan scheme…\n","protected":false},"author":2,"featured_media":642502,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[694,4526,15559,2082,42,6800,3339,6721,5812,43,15483,3109,315099,3170,17292,165,40,38,41,39],"class_list":["post-642501","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-announces","tag-easier","tag-elected","tag-for","tag-headlines","tag-homes","tag-housing","tag-labour","tag-make","tag-news","tag-promising","tag-public","tag-renttobuy","tag-scheme","tag-tenants","tag-their","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/642501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=642501"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/642501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/642502"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=642501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=642501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=642501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}