1 00:00:00,320 --> 00:00:02,280 Speaker 1: More renters reckon they have a shot at buying a 2 00:00:02,279 --> 00:00:05,120 Speaker 1: home of their own. Keyibank's latest housing report out this morning, 3 00:00:05,120 --> 00:00:08,160 Speaker 1: fifty seven of non owners feel lockdown of the market, 4 00:00:08,160 --> 00:00:10,640 Speaker 1: which still sounds bad, but actually an improvement of six 5 00:00:10,680 --> 00:00:13,920 Speaker 1: percent on last year. The key we property dream seems 6 00:00:13,920 --> 00:00:16,360 Speaker 1: to be alive and well. David Cunningham is with us 7 00:00:16,440 --> 00:00:20,760 Speaker 1: Chief Squirrel at Squirrel Mortgages. David good morning, h Ryan 8 00:00:21,560 --> 00:00:24,240 Speaker 1: good Good more that more renters think it's possible. 9 00:00:26,200 --> 00:00:29,880 Speaker 2: Well, yeah, I think we've got this Goldielocks condition really 10 00:00:29,920 --> 00:00:32,600 Speaker 2: for first home bars. Interest rates are down, so that 11 00:00:32,760 --> 00:00:35,360 Speaker 2: makes renters think it's better. You know, rents have come 12 00:00:35,400 --> 00:00:37,120 Speaker 2: down a little bit, so maybe they're able to save 13 00:00:37,159 --> 00:00:39,320 Speaker 2: a bit more if they're getting the benefit of the 14 00:00:39,320 --> 00:00:41,400 Speaker 2: lower rent. You know, your key with Saber balance has 15 00:00:41,400 --> 00:00:44,080 Speaker 2: gone up quite a bit, so your deposits getting easier. 16 00:00:45,159 --> 00:00:47,760 Speaker 2: There's heaps of choice out there, properly price to fall 17 00:00:47,800 --> 00:00:49,559 Speaker 2: and the heats of choice and there's not a lot 18 00:00:49,560 --> 00:00:52,280 Speaker 2: of competition, so we call it a goldilocks time for 19 00:00:52,320 --> 00:00:54,320 Speaker 2: first time buys. It's been that way for a year 20 00:00:54,600 --> 00:00:56,640 Speaker 2: and it's you know, it looks like at least another 21 00:00:56,720 --> 00:00:59,920 Speaker 2: year of that where there's not a lot of competition 22 00:01:00,040 --> 00:01:01,960 Speaker 2: first time buy so I'm not surprised to see more 23 00:01:02,000 --> 00:01:06,120 Speaker 2: people saying that it's possible. But there is this cohort 24 00:01:06,120 --> 00:01:08,199 Speaker 2: of New Zealanders for whom it's sort of the dream 25 00:01:08,240 --> 00:01:11,360 Speaker 2: that's probably not going to happen, you know, generally related 26 00:01:11,400 --> 00:01:12,559 Speaker 2: to much lower income. 27 00:01:13,040 --> 00:01:16,640 Speaker 1: Yes, but that that problem has always existed, hasn't it. Well, 28 00:01:16,680 --> 00:01:19,039 Speaker 1: I mean it's certainly gotten worse over the last decade 29 00:01:19,160 --> 00:01:20,160 Speaker 1: or two, but it's a. 30 00:01:20,520 --> 00:01:23,479 Speaker 2: That's right, Yeah, yeah, that's right. I mean there's always 31 00:01:23,480 --> 00:01:26,240 Speaker 2: been about sixty five percent home ownership in New Zealander. 32 00:01:26,280 --> 00:01:27,880 Speaker 2: You know, it's going up and down a little bit 33 00:01:28,280 --> 00:01:30,440 Speaker 2: over time, but it's cenerally about two thirds of New 34 00:01:30,520 --> 00:01:32,440 Speaker 2: Zealanders get to own their own home, and it's been 35 00:01:32,520 --> 00:01:34,320 Speaker 2: that way for fifty seventy five years. 36 00:01:34,360 --> 00:01:36,320 Speaker 1: To be honest, what do you say, because you're obviously 37 00:01:36,520 --> 00:01:39,200 Speaker 1: it's SCOREL mortgage dealing with a lot of first home buyers, 38 00:01:39,200 --> 00:01:41,680 Speaker 1: a lot of home buyers. This textas says Ryan, No, 39 00:01:41,800 --> 00:01:44,160 Speaker 1: you're wrong. About half of under thirties in this country 40 00:01:44,200 --> 00:01:46,919 Speaker 1: will never own a house. The bird is flowing. Talking 41 00:01:46,920 --> 00:01:49,440 Speaker 1: it up won't help them. I'm afraid how much of 42 00:01:49,480 --> 00:01:52,960 Speaker 1: this do you think just personally comes down to like attitude. 43 00:01:53,000 --> 00:01:57,840 Speaker 1: I know that sounds almost like gas lighting, because some 44 00:01:57,840 --> 00:02:01,320 Speaker 1: people can't afford to buy a house that but for 45 00:02:01,560 --> 00:02:06,320 Speaker 1: others they can, they just don't think they can. 46 00:02:07,280 --> 00:02:10,200 Speaker 2: Yeah, look to the honest. I respect you know what 47 00:02:10,240 --> 00:02:13,840 Speaker 2: your listeners said, But to be honest, it is easier 48 00:02:13,880 --> 00:02:16,200 Speaker 2: now than it was. When I bought my house in 49 00:02:16,320 --> 00:02:19,080 Speaker 2: nineteen ninety, I paid one hundred and fifty thousand. I 50 00:02:19,120 --> 00:02:21,400 Speaker 2: had saved fifteen thousand, which was at that time a 51 00:02:21,400 --> 00:02:23,120 Speaker 2: lot of money. The bank of Mom and dad, good 52 00:02:23,120 --> 00:02:25,840 Speaker 2: old banker. Mom and Dad chipped in fifteen thousand, and 53 00:02:25,880 --> 00:02:28,960 Speaker 2: my payments were seven hundred bucks a week. Today that 54 00:02:29,040 --> 00:02:32,240 Speaker 2: would be two thousand, two hundred bucks. But today that 55 00:02:32,400 --> 00:02:36,040 Speaker 2: same average mortgage seven hundred thousand dollar house one hundred 56 00:02:36,040 --> 00:02:38,880 Speaker 2: and forty thousand dollars mortgage is the equivalent is a 57 00:02:38,960 --> 00:02:41,040 Speaker 2: one thousand and four to thirty six. So you know, 58 00:02:41,080 --> 00:02:44,080 Speaker 2: it's actually significantly cheaper now than it has been for 59 00:02:44,160 --> 00:02:46,880 Speaker 2: a long Gertney compared to back then. So you know, 60 00:02:46,960 --> 00:02:48,880 Speaker 2: us old guys had it tough. You know, you could say, 61 00:02:48,919 --> 00:02:53,000 Speaker 2: but in reality, if you've got the motivation, you've got kiwisaver, 62 00:02:53,120 --> 00:02:56,240 Speaker 2: which has been an absolute game changer almost every first term. 63 00:02:56,240 --> 00:02:59,359 Speaker 2: By it uses kiwisaver, they wouldraw forty three thousand dollars 64 00:02:59,400 --> 00:03:02,000 Speaker 2: per person. Last year there were forty thousand people that 65 00:03:02,080 --> 00:03:04,920 Speaker 2: did that, so it's actually been the enabler. So it 66 00:03:05,000 --> 00:03:07,919 Speaker 2: is within the reach of more people, perhaps than so 67 00:03:08,040 --> 00:03:08,760 Speaker 2: a few years ago. 68 00:03:08,919 --> 00:03:12,359 Speaker 1: David, appreciate your time this morning, David Cunningham from Squirrel Mortgages. 69 00:03:13,160 --> 00:03:16,160 Speaker 1: For more from early edition with Ryan Bridge, Listen live 70 00:03:16,280 --> 00:03:19,280 Speaker 1: to news talks. It'd be from five am weekdays, or 71 00:03:19,320 --> 00:03:21,239 Speaker 1: follow the podcast on iHeartRadio.