Prime Minister Jacinda Ardern has announced details of the Government housing package that proposes new measures for the housing market.
The proposals cover different areas of the housing sector, including supply and demand of infrastructure, tax changes and new policies.
The key points for landlords and tenants to take note of are Government’s plans to:
- double the bright-line test from five to 10 years (conditions apply). More information is on the Inland Revenue website [PDF, 198 KB](external link)
- launch a $3.8 billion Housing Acceleration Fund to boost the pace and scale of houses being built. More information is on the HUD website.(external link)
- increase the caps on first home grants and loans (income and house price) to enable more first home buyers to buy homes. More information is on the HUD website.(external link)
- limit deductions on interest expenses for residential property income. More information is on the Inland Revenue website [PDF, 128 KB](external link)
The proposed changes are still in development and more information will be released in future.Back to News