Government one step closer to banning foreign house buyersKevin Stent/Stuff Prime Minister Jacinda Ardern and Trade Minister David Parker announce the ban on foreign investors in the residential housing marketLabour's one step closer to banning overseas buyers from purchasing existing homes. The Overseas Investment Amendment Bill passed its first reading in Parliament on Tuesday evening, and has been referred to the Finance and Expenditure select committee. READ MORE:* Labour will make all existing homes 'sensitive', effectively banning foreign buyers* Law to ban foreign home buyers to be introduced in Parliament, passed in new year* How much of a difference will banning foreign buyers make? The law change would see residential land come under the category of sensitive land in the Overseas Investment Act. "We want to encourage foreign investment where it adds to our economy.

Source: Stuff December 19, 2017 06:00 UTC