Content in the publication may have been correct at the time it was published and is a record of what has happened in the past. The content does not reflect what has happened in the present. Request editorial corrections: editor@thisquality.com
ACT Party says there's a flood of stories about the impacts of new interest deductibility rules. A new website has launched to hear them.
According to Housing spokesperson Brooke van Velden, the current Government jas represented a ‘stealth tax' on Mum and Dad investors.
“80 percent of whom own just one rental. The changes will squeeze the middle class and hurt renters,” says Brooke van Velden.
“ACT is asking New Zealand’s 120,000 residential property investors to visit act.org.nz/housingstories and share what the new rules will mean for them and their tenants.”
An estimated cost to landlords is equivalent to a $600,000 house by adding an extra $6,000 per year.
Extra costs for those who stay within the market will pass additional costs onto tenants.
“[It will make] it harder for tenants trying to save for a home to build a deposit,” says Brooke van Velden.
“Almost 13,000 people have now signed ACT’s petition to reinstate the ability for landlords to deduct mortgage interest from their tax bill.”
“Thousand of stories will be percolating through the country as people get their heads around how Labour’s stealth tax will hurt Mum and Dad investors and their tenants.”
Image: SUPPLIED/Shutterstock.com (Auckland Suburb from Mt. Eden Summit)
We are proudly independent, locally driven and committed to bringing authentic reporting to the people.
Every article takes time, research and care. At thisquality we believe in truth, accuracy and depth over clickbait. If you believe in journalism that rests on truth-driven reporting, sparks conversation but most of all challenges the status quo- now is the time to back it. Every contribution big or small will make a difference!
thisquality is built for the people and powered by their support. Your support helps us remain a strong and independent voice in Aotearoa’s NZ media landscape.
★ *Contribute just $12/month or more to enjoy an ad free experience and have truth driven reporting at your fingertips.
