Māori mortgage broker calls for changes to be made regarding home loans
By Te Karere
Tahei Simpson, a Māori mortgage broker is calling on the government to team up with banks so Māori can have a better chance at securing home loans.
Although QV released figures today show the Auckland market is slowing up, Simpson says it's worthless if banks don't reassess their lending criteria, “The banks and the government need to get together and practitioners as well because people ,like mortgage brokers, bring the clients and we need to make the loans fit the people that need them.”
Simpson says Māori are struggling to get loans for homes, especially on Māori land and adds, “Unless it’s very simple for them to deal with they will often say no to lending on the land and there is one product called ‘Kāinga Whenua’ and it is a very complicated process.”
QV figures released today show the growth in Auckland house prices was slowing, with growth in regions like the Hawke’s Bay.
Bindi Norwall of Real Estate Institute NZ says, “It’s interesting for buyers because they can take their time. There isn’t that urgency to purchase a property which I think is a good thing because they can do due diligence and look at a few properties before they make a decision.”
The government are looking to build 100,000 new homes in the next 10 years, but Simpson says there won't necessarily be buyers, “We may as well have the conversations at the same time not just our people but also Kiwis in general who can actually get mortgages, there's no point in building 100,000 houses if people can't even buy them.”
KiwiBuild will see 50,000 homes built in Auckland, and 50,000 in the regions, but whether or not Māori will be able to afford those houses remains to be seen.