The Indian Weekender, 26 March 2021

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8 NEW ZEALAND Friday, March 26, 2021 The Indian Weekender Government announces plan to help first home buyers RADIO NEW ZEALAND The government plans to help first-home buyers into the market, by increasing the caps for financial support, and extending the bright-line test to 10 years. It has unveiled its long-awaited plan to tilt the balance towards firsttime buyers and to turn down the heat in the market. Prime Minister Jacinda Ardern said the plan is a package of both urgent and long-term measures to relieve pressure. “The housing crisis is a problem decades in the making that will take time to turn around, but these measures will make a difference. “There is no silver bullet, but combined all of these measures will start to make a difference,” she said. From 1 April, the income cap to access First Home Grants and Loans will be lifted from $85,000 to $95,000 for single buyers, and from $130,000 to $150,000 for two or more buyers. “We want our first-home buyers to be able to get into the market and so much of what we’re doing today is about them,” Ardern said. Rampant growth has been driven by speculators in the market, she said. Regional price caps for accessing support have also lifted. Ardern said the new caps are based off March 2021 data. Housing Minister Megan Woods said the government is also expanding the rules so that more people will only need a 5 percent deposit before first home buyers can apply for support. “This package of measures will help first-home buyers into the market and boost activity and create jobs in the construction sector, as we recover from the impacts of Covid-19,” she said. “As we’ve investigated where the greatest housing needs are and what has been done to meet those needs, we’ve found out just how broken the system is.” She said modelling shows between 80,000 and 130,000 homes could be built over a 20-year period, but that is dependent on buy in with councils, iwi and private developers. Finance Minister Grant Robertson said with property investors making up the biggest share of buyers it was “essential the government takes steps to curb rampant speculation”. As well as increasing the brightline test, which sees investment Housing Minister Megan Woods said the fund would speed up the pace and scale of house building. “We estimate the Housing Acceleration Fund will help green light tens of thousands of house builds in the short to medium term. “Investment in infrastructure has been identified as one of the key actions the government can take to increase the supply of housing in the short term. “This fund will jump-start housing developments by funding the necessary services, like roads and pipes to homes, which are currently holding up development,” she said. The government will also assist Kāinga Ora to borrow an extra $2 billion to scale up at pace land acquisition to boost housing supply. Trust Saffron Finance for expert Mortgage/ Insurance advice backed by years of experience Mortgages: • Home loans • Commercial Property loans • Business Loans • Top up & Debt consolidation • Re-Finance and Refixing • Investment Property loans • Restructuring of loan • Construction & Renovation Nimish Parikh Registered Financial Advice Financial Provider Adviser M. 021 236 7070 nimish@saffronfinance.co.nz Risk Insurances: • Life & Trauma • Key Person Cover • Medical / Health • TPD and Income Protection • Mortgage Repayment cover • New to Business & • Business Continuity Cover • Redundancy Cover Contact for free assessment 18B Kirby Street, Glendene, Auckland 0602 P O Box - 69263 , Glendene, Auckland 0645 www.saffronfinance.co.nz properties sold within a set time taxed on the capital gains - to 10 years, the government will remove the ability for property investors to offset their interest expenses against their rental income when calculating tax. Robertson said this will “dampen speculative demand and tilt the balance towards first home buyers”. “The New Zealand housing market has become the least affordable in the OECD. Taking action is in everyone’s interests as continuing to allow unsustainable house price growth could lead to a negative hit to the whole economy,” he said. Robertson said to encourage investment in new builds, the brightline test for these properties will remain at five years. “This will give Kiwis a better chance at purchasing their first family home. I want to stress that the bright-line test does not and will not apply to the family home,” he said. However, in a pre-election interview Robertson said that there would be no change in the brightline test under a Labour government, Ardern said at that time New Zealand was not experiencing rampant house price growth as it is now. She said it not a capital gains tax and the government is simply extending a policy that was already there. Associate Minister of Finance and Revenue Minister David Parker said with interest rates as low as they are, it is a good time to transition, and will make things smoother for investors. Ministers are also considering closing a loophole on interest-only loans to speculators. The Reserve Bank will report back to ministers in May on this and any proposals around debt to income ratios, particularly for investors. The plan also includes a $3.8 billion fund to accelerate housing supply in the short to medium term. It is also extending the Apprenticeship Boost initiative by four months, to further support trades and trades training. Warning new measures could affect economy Retail banks have warned the government’s measures to cool the housing market and deter property investors may not just chill the housing market, but also the broader economy. Westpac senior economist Satish Ranchhod said cutting the incentives to invest in the sector, such as removing the tax deductability of mortgage interest, might flow through to broader spending. He said a slowdown in house prices would slow economic recovery and make the Reserve Bank even more reluctant to raise its official cash rate. ANZ economists say the measures would increase the risk that house prices actually fall.
The Indian Weekender Friday, March 26, 2021 NEW ZEALAND 9 PM inaugurates multi-million dollar sports complex in Takanini Gurudwara • Continued on Page 9 Sharing the vision behind this world-class multi-sport facility, Daljit Singh, Spokesperson of Supreme Sikh Society of New Zealand, told the Indian Weekender in a detailed interview in late 2019, “This [multi-sports centre] has been a long-held dream since last 10-15 years when the Supreme Sikh Society first got the land in South Auckland.” “We have been clear from the very beginning of this Gurudwara that we need to come up with a major sports facility not only to promote sports and good health among our youths from the wider Kiwi-Indian community.” “But also because sports is a great unifier of people helping in cutting our cultural differences,” Mr Singh had then told the Indian Weekender. With the formal inauguration ceremony held last Sunday, that long-held dream clearly seems to have realised. More about NZ Sikh Sports Complex • The sports complex comprises a total of seven different sports’ turf including soccer, hockey, athletics track, volleyball, basketball, cricket and kabaddi, which are further vetted by the highest professional " We have been clear from the very beginning of this Gurudwara that we need to come up with a major sports facility not only to promote sports and good health among our youths from the wider Kiwi-Indian community regulatory bodies of each sport in the country. • The soccer pitch is fully approved by FIFA [the highest international governing body for football]. • The turfs and pitches for other games are also being constructed under the strict guidelines of respective sporting authorities to ensure that facilities comply with the highest levels of professional standards. • The entire complex has been fitted with seven floodlights to facilitate sporting fixtures at the night. • Each floodlight is also fitted with an inbuilt sound system so that game organisers will not have to arrange for separate microphones or a public address (PA) system. Migrant New Zealanders experience fear, loss of culture and identity due to racism IWK BUREAU Migrants across the country have for the first time extensively shared their lived experiences of racism in Aotearoa New Zealand. In the report “Drivers of migrant New Zealanders’ experiences of racism”, published by the Human Rights Commission, migrants have expressed continued institutional, personally mediated and internalised experiences of racism. Many respondents said that racism deeply wounded their sense of self-belief resulting in fear, disengagement in society and loss of culture and identity. Many also expressed how racism led to exclusion, colonised thinking and even judgement of their own culture. As a result, migrants have said they had to change how they looked, dressed, spoke, or acted to fit into Eurocentric expectations in New Zealand. “Our migrant communities should not have to change themselves to fit into white society. Migrants must feel safe in expressing their language, culture, and identity. This is their home,” Race Relations Commissioner Meng Foon said. The impacts of racism felt by our migrant communities were extensive and spanned across all aspects of wellbeing, including health, housing, employment, education, governance, and the justice system. Migrants pointed out that colonisation, fear, ignorance, a need to blame others, white privilege, racial supremacy, and a limited response to racism within the country were among the drivers of racism. “The impacts of racism are traumatic, intergenerational, broad and affect all aspects of wellbeing. Racism leaves deep-rooted scars that often don’t heal,” Foon said. “No one should be made to feel they do not belong in Aotearoa, worry about their public safety, or experience negative mental wellbeing because of discrimination or racism.” Migrants identified numerous opportunities to influence change and strengthen responses to racism including honouring Te Tiriti o Waitangi, having diverse representation in all levels of leadership, teaching a balanced New Zealand history, education, and strengthening identity among others. “We must support our migrant communities to identify their own solutions to racism. This will empower their voices, validate their lived experiences and help them take ownership and action in response to racism.” The research findings will also help inform the national action plan against racism to ensure it is evidence-based in its development, implementation and review. “We all have a responsibility to foster harmonious and inclusive communities that preserve dignity and respect for all people across Aotearoa,” Foon said. Smart money choices made simple. We’ll help you find the sweetest mortgage deal whether it’s your first home or investment property, and arrange the best insurance to suit your needs. Mortgage services Home loans Construction loans Refinances and restructures Top ups & debt consolidation Commercial & Business loans Insurance Life, Trauma Medical/Health General Business Income Protection Call us today 0800 21 22 23 Level 1, 3/53 Cavendish Drive Manukau
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The Indian Weekender, 26 March 2021

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