Topic: Housing

Native Affairs - Housing Panel

The frenzied housing market in Auckland and Christchurch has spurred the Reserve Bank to make drastic changes to how we borrow money.  

Instead of having to save around 10% for a deposit, new rules mean you'll have to front up with 20%.

The changes to borrowing are an attempt to cool the property market.  But the announcement has seen families racing to the bank for pre-approvals before it's too late.  What the announcement means is if you're buying a house worth $400,000, you'll need a $40,000 deposit today - but by tomorrow it'll be $80,000. 

The Reserve Bank expects a drop in first home buyers by 25% or around $7000 who will either delay or downsize their purchase.  So how will Māori fare when only 45% own our own homes compared to 70% for Pākehā?

Mihingarangi Forbes is joined by business journalist Rod Oram, Tina Wilson, the Group CEO of IWIinvestor - the only Māori-owned KiwiSaver scheme, and architect Rau Hoskins.