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The Government s being told to rethink proposed housing investment changes
The Government s being told to rethink proposed housing investment changes 13 May 2021
Under new laws, those who sell properties within 10 years must pay tax on any gains, and can t claim mortgage interest as an expense.
The First Home Buyers Club, Tenants Protection Canterbury and the Property Investors Federation have written to the Government, saying the move will disproportionately affect renters.
First Home Buyers Club Director Lesley Harris says it ll hold back renters trying to save up for their first home.
She says the Government should instead lighten the load for first home buyers - by making it easier for to get mortgage funds for a home.
Wednesday, 12 May 2021, 6:47 am
The First Home Buyers Club, Tenants Protection Canterbury
and the NZ Property Investors Federation have presented a
letter to Government requesting them to reconsider removing
mortgage interest costs on rental properties.
Research
has shown that 90% of rental property owners will be
affected by the tax increase, with each rental property
being taxed an extra $4,542 per year. Although the tax
increase will force some providers to sell their rental
properties, the majority hope to be able to keep them
through reluctantly increasing rental prices.
Lesley
Harris, from the First Home Owners Club, said while they
actively save money for their home deposit, they could be
Press Release – NZPIF The First Home Buyers Club, Tenants Protection Canterbury and the NZ Property Investors Federation have presented a letter to Government requesting them to reconsider removing mortgage interest costs on rental properties. Research has shown that 90% of rental …
The First Home Buyers Club, Tenants Protection Canterbury and the NZ Property Investors Federation have presented a letter to Government requesting them to reconsider removing mortgage interest costs on rental properties.
Research has shown that 90% of rental property owners will be affected by the tax increase, with each rental property being taxed an extra $4,542 per year. Although the tax increase will force some providers to sell their rental properties, the majority hope to be able to keep them through reluctantly increasing rental prices.