The Reserve Bank Governor has admitted he had to keep loan to value mortgage restrictions in place because the Government’s attempts to increase housing has fallen ‘a long way short’, says Labour's Housing spokesperson Phil Twyford.
“The thousands of first home buyers who are shut out of the housing market may have hoped for a lifeline from the Governor by easing LVR restrictions today. They will be bitterly disappointed.
“But they should point the finger of blame at the Government which has failed spectacularly to increase housing supply.
“The Governor said today house building is ‘a long way short of what it needs to be’ and ‘we need to see a much stronger supply side response’.
“The Governor has been clear. The first home buyers who can’t get on the housing ladder have the National Government to blame,” says Phil Twyford.