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Labour slams Hobsonville move

National has resurrected plans to ensure a percentage of the new houses built at Auckland’s Hobsonville Point sell for less than $485,000 – but Labour isn’t impressed.

Friday, November 16th 2012, 12:00AM

by The Landlord

In 2009, 100 of the 3000 homes at the development were designated to sell to lower-income buyers, under the Gateway scheme.

Only 17 were sold, 14 for less than $400,000.

The price included the cost of the section, which was between $180,000 and $200,000. The land did not have to be paid for for at least five years.

Housing minister Phil Heatley today announced up to 300 of the development’s homes would be sold for less than $400,000 another 300 under $485,000 and up to 80% for more than that. It's the first time a quota has been talked about for the development since 2009.

Auckland deputy mayor Penny Hulse said the council was working hard to ensure zoning and other regulations supported opportunities for innovation.

“The development as a whole will add a welcome supply of new homes in Auckland’s north-west. The news that the HLC has targets of 10 per cent of homes for a market price of less than $485,000 and another 10 per cent at less than $400,000 is very welcome.”

The affordable housing targets will be indexed to inflation.

Labour housing spokeswoman Annette King said it was the tepid response to the Government’s housing strategy that had prompted the move.

“Phil Heatley’s announcement of just 600 new affordable homes in one part of Auckland is underwhelming to say the least. It’s just a fraction of what’s needed. New Zealand is facing a massive housing shortage which is pushing up prices, especially in Auckland. We need a nationwide solution, not a quick-fix attempt with photo-ops for John Key in his electorate.”

She said if the Government had been serious about housing, this move would have been included in its response to the Productivity Commission report on affordability two weeks ago.

“This is a huge let down to New Zealanders, especially those trying desperately to get on the first rung of the housing ladder.”

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▲8.15 ▲6.79 ▲6.45 ▲6.29
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 6.39 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.24 6.09 5.69

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