At BNZ we know how hard it is for young people to buy their first house. It’s never been more difficult.
Tony’s comments were typically provocative and it reflects his personal views rather than the view of BNZ as a whole. You can see them in context in his weekly overview of the New Zealand economy - read the full article here.
There are many causes of the housing affordability crisis and undoubtedly, as many commentators have said, the biggest is a lack of supply, particularly in Auckland. This is why we have been supportive of ways to increase supply, like Auckland’s Unitary Plan.
Our own research tells us that nearly 60% of non-homeowners say they don’t see buying a home in the next five years as achievable. That number is far too high.
It’s always taken an effort to save for a deposit, but our research suggests that saving a deposit in the current housing market is often overwhelming and unachievable.
At BNZ we have a mission to help New Zealanders be good with money. We encourage healthy saving and spending habits and we try to help our customers to achieve their money goals - whether that be buying a first home, paying down a home loan faster or saving for retirement.