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While thousands of Aucklanders despair at their chances of owning a house, a determined 22-year-old student is proof it can be done.
Property investors in the Auckland Council area will have to have a deposit of 30 per cent under new lending rules announced by the Reserve Bank.
Landlords have expressed shock and dismay at 30 per cent rental property loan-to-value ratio (LVR) rules, saying tenants will suffer, rents will rise and Auckland rental properties will become more scarce.
More than 2000 first-home buyers have snapped up new housing subsidies worth up to $20,000 in less than a month, forcing Housing New Zealand to take on more staff just to distribute the grants.
A recent paper by researchers from the Universities of Otago and Victoria urges that landlords should be required to comply with the minimum standards set out in these regulations and Act until a Warrant of Fitness for rental properties can be implemented
The New Zealand Fire Service believes landlords should be responsible for installing alarms in their properties and ensuring there is a maintenance schedule to regularly check their effectiveness. Most people underestimate the speed of fire. A fire can become unsurvivable in 5 minutes or less.
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