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HNZ targets investors

Housing New Zealand should stump up with more rent if it wants to win over landlords.

Monday, April 29th 2013, 12:00AM 1 Comment

by The Landlord

That’s the message from Auckland Property Investors Association president David Whitburn after the department launched a campaign to turn around negative perceptions of HNZ leases.

Whitburn said he had been approached by HNZ, who wanted him to tell the association's members that more housing stock was required.

There are 10,000 people on the waiting list for a HNZ home and the situation is made worse by the soaring Auckland property market, which makes it more expensive for the Government to purchase properties.

“They’re not developers themselves, they don’t do big renovations but rely on developers," Whitburn said.

But he said HNZ had developed a reputation for haggling over repairs and maintenance of leased properties, and stretching the definition of reasonable wear and tear. “By and large their tenants provide more wear and tear than your run-of-the-mill tenants.”

HNZ has launched a publicity campaign and new lease agreement, which is designed to give landlords more protection.

But Whitburn said there was still a perception among investors that HNZ paid up to 10% less than market rent for properties. With a 10% management fee on top of that, it was quite expensive.

He said the guaranteed rent was not a big draw in Auckland, where there were few problems with vacancy rates. “If they paid a bit more, more people would use them.”

The new HNZ lease includes the option of a shorter term, starting at five years, rather than the 10 to 15 that is usually standard. It halso commits HNZ to doing any and all repairs up to $5000.

An independent inspection report will be sent to landlords every year and rents will rise with inflation.

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Comments from our readers

On 29 April 2013 at 1:08 pm caroline said:
HSNZ need to give more incentive, Ive talked to tradesmen who were doing up HSNZ houses and the houses were getting wrecked faster than they could do them up. Hardly an ideal situation for a landlord.

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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 7.65 5.99 5.75 5.69
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 8.50 ▼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 6.17 5.79 5.69

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