Owning home 'pipe dream'

17:00, Sep 18 2013

Southland mother-of-three Carla Baldwin believes buying her own home will become a "pipe dream" when the Reserve Bank's new lending restrictions come into effect.

Ms Baldwin, who lives just outside Mataura, said she had been intending to use Kiwisaver funds and additional savings to buy her first home in three years.

She had been saving some of her income towards this goal, but there was now "no way" she would be able to save enough for a 20 per cent deposit as a single mum, she said.

"It's hard enough as it is without having to come up with double the deposit I was going to need. It sort of seems like a pipe dream now."

Owning her own home would have provided security for her family and she was sick of moving from rental to rental, she said.

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The Southland Times