# Question 20: My partner and I rent, have steady jobs and are trying to save a deposit for our first home. We worry that the target keeps moving. I am considering my vote in the 2026 New Zealand general election. Which parties propose changes to taxes on property or capital gains, and what could those changes mean for people trying to buy? Collected 26 October 2026 [NZ Election 2026 · Edition 6 study](https://nzbrands.ai/research/nz-election-2026/editions/6) ## ChatGPT Answer ID: 3e6d5699-29c3-444a-9606-54c8436dcbea # New Zealand election 2026: property taxes, capital gains and your first home If you and your partner are renting, working steadily and saving for a deposit, the key question is whether tax changes could make buying a home more achievable — or change how quickly house prices and the deposit you need move away from you. New Zealand's 2026 general election is scheduled for 7 November 2026. As of 26 October, the parties are proposing quite different approaches to taxing property, land, investment gains and wealth. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[New Zealand Ahead of the 2026 Election](https://www.kas.de/en/country-reports/detail/-/content/new-zealand-ahead-of-the-2026-election) The central distinction is that taxing investment property is not the same as taxing people buying their first home. A policy might make property investment less attractive, potentially easing competition from investors, but it does not automatically make houses cheaper. The outcome also depends on housing supply, interest rates, rents, construction and the wider economy. Here is a comparison of the main parties' published tax proposals and what they could mean for aspiring first-home buyers. ## 1. What each party is proposing The following reflects published policies and reporting available by late October 2026. These are proposals, not enacted changes, and details could change through coalition negotiations. ![South Island Election Conference 2026](https://images.openai.com/static-rsc-4/_spFKDBqOMVPoo8r35YLoGFwljs_-WWe4ur9fdZCfekzAxaUPGA75u8rI9uxOUTssI2hUZN1r4Zu1AeDrcNaxz3uHoFIyWjDpanT5s-KJ87QzxSu1uNjNL4MOHSuazRZuTy_TzC6aN4wxHHoyU_DhzMFuMCMjNBTtg2xRxOZL6c?purpose=inline) ## Labour Party Capital gains tax Labour proposes a 28% capital gains tax (CGT) on gains from residential investment and commercial property, with the family home excluded. The revenue would be ring-fenced for health. Labour says the tax would apply to gains when a covered property is sold, rather than to the property's full sale price. [Labour’s capital gains tax explained – what is it and who will pay?](https://www.1news.co.nz/2026/10/18/labours-capital-gains-tax-explained-what-is-it-and-who-will-pay/)[Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html) What it could mean for you: If the tax reduced the after-tax return from property investment, some investors might be less willing to bid against first-home buyers. But house prices would not necessarily fall: the effect would depend on how investors, sellers, renters and developers responded. The proposed health funding could also benefit households, although it would not directly increase your deposit. ![Green Party NZ (@NZGreens) on X](https://images.openai.com/static-rsc-4/xwoeA3rTn5Pu0UL1uRc6X_g8ADsfUTe55rxQEjXC_rnFR_6TPTr_9eG0LsowNOdFRtax24qB8h-LRfUtZEf42T0CC5OclOZ5katbFJAYxs0cZRyqDBlGNgF_8AV_5WTCbYonGIqLGuK095lLGrkBVw3L8vdsA06tLHVNuCJquuc?purpose=inline) ## Green Party Wealth and inheritance taxes The Greens propose a broad tax package including a wealth tax on high net assets, an inheritance tax on large transfers, a $10,000 income-tax-free threshold, and higher tax rates on high incomes. Their package also proposes restoring the 10-year bright-line period for residential investment property and removing interest deductibility for residential landlords. [What are the Greens' tax plans](https://www.1news.co.nz/2026/10/04/what-are-the-greens-tax-plans-and-who-would-have-to-pay/)[Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html) What it could mean for you: Lower income tax for many wage earners could help you save each payday. Changes to landlord tax deductions and the bright-line rules could make some investment properties less attractive. Whether that leads to lower purchase prices, more homes available to owner-occupiers, or higher rents is uncertain. The wealth tax would principally affect people with substantial assets, rather than ordinary renters simply saving a deposit. ![New Zealand Legislative Election Winner 2026 Odds | Polymarket](https://images.openai.com/static-rsc-4/HHEWLfcjRbgNTl3J7ZI3ahpGFiM337cSMZSj-gfqthhb3O1OJ8vhDGH4x2nBOUQoPRFHldf4E0rUprxmRG4JddGiw5atorslzfs34M-9xbTy2yNYWAjL5wP10lk3C-YjZAm-m43DF6her5QZGf5OtQEw7NLpqO4hrIjzpsWiQm8?purpose=inline) ## Te Pāti Māori Land and property taxes Its tax package proposes a 33% land-banking tax, a 2% vacant-house tax, and 5% stamp duty on residential property sales, with an exemption for first-home buyers purchasing homes under $1 million. It also proposes a wealth tax and a $30,000 income-tax-free threshold. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html) What it could mean for you: The proposed first-home-buyer exemption could be particularly relevant if you're buying below $1 million, because it would shield qualifying purchases from the proposed stamp duty. Taxes on vacant homes and land banking aim to discourage leaving housing or developable land unused. However, the effects on prices and new construction would depend on the detailed rules and how the market adjusted. ![](https://images.openai.com/static-rsc-4/KZ1zP60v_ZeHHj3ij4DA2sVh6oX86DHN4x_RGhm63IEKbj8P_3phlgxON0_dzBqruxZt_piBvLSwWYOzxGtRjeiBIDJnBczyBauAihY7VhbFruy9Xq4tPeGbXtvfFHap7T9ZV_eOqtHyttigv_yv7jT6ibug6IoPJMJnJ8SLOeE?purpose=inline) ## Opportunity Party Annual land value tax Opportunity proposes an annual land value tax of 1.75% on urban land and 0.5% on rural land, calculated on the value of the land rather than the buildings. Its wider tax reset includes a proposed Citizen's Income and changes to personal income tax. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html) What it could mean for you: Taxing land annually could make holding valuable but underused land more expensive and encourage some owners to develop or sell. That might help land move into productive use, but the tax could also be reflected in land prices and affect the economics of building new homes. Unlike a tax charged only when a property is sold, it would be an ongoing cost of owning land. ![Will National Party Finish 2nd in New Zealand's 2026 Election?](https://images.openai.com/static-rsc-4/LCDs4P76HEgfCayafHeSga8GCw12Vxs2fPc3toeyLUZ-wmb6UiGRZY6bhdT1xRejtICfUd6GX2BWmI76EkpoWuffTU4g32bP_qUJp29rsfn5_Zvj5THHSYTLHSoo_5_YQyZ3zKE1WIpB4bu7raRltFl5TZFCgCcE0quf_GohkFI?purpose=inline) ## National Party Opposes a new CGT National is campaigning on a “no new taxes” pledge and has ruled out introducing a capital gains tax. Its approach emphasises economic growth, investment and existing tax settings rather than introducing broad new property or wealth taxes. [Labour’s capital gains tax explained – what is it and who will pay?](https://www.1news.co.nz/2026/10/18/labours-capital-gains-tax-explained-what-is-it-and-who-will-pay/)[Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html) What it could mean for you: You would not face the proposed new CGT under National's stated position. The counterargument is that leaving the existing tax treatment of investment property largely in place may not change the financial incentives that investors face when competing with first-home buyers. Neither outcome guarantees a particular house-price path. ## ACT New Zealand Lower-tax approach ACT's published election tax measures are more targeted than the structural property and wealth tax packages proposed by Labour, the Greens, Te Pāti Māori and Opportunity. The measures identified in the tax-policy summaries do not include a comparable broad CGT or annual land value tax. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html) What it could mean for you: The focus is less on changing the tax treatment of investment property to shift housing-market incentives. The effects on your ability to save would depend more on other policies affecting wages, living costs, housing supply and credit conditions. ![New Zealand legislative election winner? Predictions & Od... 2026 | Polymarket](https://images.openai.com/static-rsc-4/UmXClDd76aKEk_XyXfEEacFBHXO18HFMG1Im-weRm7tb64uGzBsRK3vWPXuiFN2zaWaNznb7eSDIJucKOhlXtwb6Lq-BYR6oxisKzHsWTxF5AsiLmtcNGDNtwCsXzgIuSp2vW4pa6pAda-tTriG23zKX1ZuknQ81HGh411pqRkM?purpose=inline) ## New Zealand First More limited tax changes New Zealand First has announced a number of specific tax measures, including support for a lower company tax rate for smaller businesses. The tax-policy summaries do not identify a comparable comprehensive CGT or annual land value tax package. [Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html)[Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html) What it could mean for you: There is less emphasis on a new property tax as a way to alter investor incentives. Any impact on your deposit or buying prospects would depend on its wider economic and housing policies and the eventual coalition agreement. For further detail, see [PwC's 2026 election tax-policy update](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html?utm_source=chatgpt.com) and [KPMG's summary of party tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html?utm_source=chatgpt.com). These provide broader comparisons beyond housing taxation. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html) ## 2. How could these policies affect your ability to buy? For a couple saving from wages while paying rent, there are four separate things worth considering. A. The price of the home you want If a tax reduces investors' willingness to pay for existing homes, first-home buyers could face less competition. But investors could also pass some costs on to renters, sell fewer properties, or change which properties they buy. The actual effect on prices depends on supply and demand, not just the tax rate. B. How quickly your deposit grows Changes to income tax can affect the money you take home. For example, the Greens' and Te Pāti Māori's proposed tax-free thresholds could increase take-home pay for some earners, depending on their full tax packages. That could help you save faster, even if house prices stay the same. C. The upfront cost of buying Te Pāti Māori's proposed stamp-duty exemption for qualifying first-home purchases below $1 million is a direct example of a policy aimed at reducing the cost of entering home ownership. Its value to you would depend on the final exemption rules and the price of the home you buy. D. The amount a bank will lend you A lower purchase price can mean a smaller deposit and mortgage, while higher take-home pay can improve your ability to meet repayments. However, neither necessarily changes a bank's lending criteria or guarantees mortgage approval. ## 3. What does a capital gains tax actually tax? This distinction matters because the tax is often described as if it were a tax on owning a house. Suppose an investor buys a property for $700,000 and later sells it for $900,000. If the full $200,000 gain were taxable under a hypothetical 28% CGT, the tax would be $56,000 before any applicable adjustments or exemptions. That is an illustration of the arithmetic, not a calculation of the tax payable under Labour's proposal. The actual outcome would depend on its legislation, including the rules for calculating gains, eligible costs, acquisition dates and exemptions. Under Labour's proposal, the family home would be excluded. The tax would target gains from covered investment and commercial property sales. [Labour’s capital gains tax explained – what is it and who will pay?](https://www.1news.co.nz/2026/10/18/labours-capital-gains-tax-explained-what-is-it-and-who-will-pay/)[Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html) The important distinction is: - CGT: taxes qualifying gains when an asset is sold. - Wealth tax: generally taxes the value of covered assets each year, subject to the policy's thresholds and exemptions. - Land value tax: taxes the value of land, rather than the buildings on it. - Stamp duty: taxes a qualifying property transaction, usually when a property is purchased or transferred. Each changes a different financial incentive. A tax on gains may affect an investor's decision to sell; a land tax may affect the decision to hold land; and stamp duty increases the upfront cost of a purchase unless an exemption applies. ## 4. The trade-offs to keep in mind No party's tax proposal can, on its own, guarantee that your deposit will catch up with house prices. | Policy approach | Potential benefit for first-home buyers | Important uncertainty | | --- | --- | --- | | Tax investment gains | Could reduce investors' willingness to bid for homes | Prices may not fall, and selling behaviour could change | | Tax vacant homes or land banking | Could encourage unused housing or land to be brought into use | Definitions, enforcement and development costs matter | | Reduce income tax | Could leave more money available for saving | The benefit depends on your earnings and the overall tax package | | Exempt qualifying first-home purchases from stamp duty | Could reduce upfront purchase costs | Eligibility limits and the final rules determine who benefits | | Avoid new property taxes | Avoids the proposed new tax costs | Does not itself resolve the gap between deposits, prices and incomes | One additional factor is policy certainty. Buying a home is a long-term financial commitment, and tax settings can affect investors, developers, rents and property prices over time. PwC and KPMG both note that reversals of tax changes between governments can create uncertainty for long-term decisions. [Tax Tips: 2026 General Election](https://www.pwc.co.nz/insights-and-publications/regular-publications/tax-tips/2026-general-election-tax-policy-update.html)[Summary of 2026 election tax policies](https://kpmg.com/nz/en/insights/tax/summary-of-2026-election-tax-policies.html) ## 5. A practical way to compare the parties before you vote Rather than focusing only on whether a party supports or opposes CGT, consider these questions: - Will our take-home pay change? Compare the income-tax proposals against your actual combined earnings. - Will our target home's price or upfront cost change? Look for concrete first-home-buyer exemptions and policies affecting existing homes, not just general claims about affordability. - What happens to rent while we save? A policy that affects landlords could influence rents as well as investor demand. - How will more homes become available? Consider whether the party also addresses planning, infrastructure, construction and the supply of housing. - Is the policy funded and clearly specified? Check the thresholds, exemptions, implementation dates and how the party proposes to pay for its commitments. - Could coalition negotiations change it? A party's election proposal is not a guarantee that it will become law. You can check the parties' own published commitments through [Labour](https://www.labour.org.nz/our-policies/?utm_source=chatgpt.com), the [Greens](https://www.greens.org.nz/policy?utm_source=chatgpt.com), [Te Pāti Māori](https://www.maoriparty.org.nz/?utm_source=chatgpt.com), [Opportunity](https://www.opportunity.org.nz/policy?utm_source=chatgpt.com), [National](https://www.national.org.nz/policies?utm_source=chatgpt.com), [ACT](https://www.act.org.nz/policies?utm_source=chatgpt.com) and [New Zealand First](https://www.nzfirst.nz/?utm_source=chatgpt.com). The bottom line: For your situation, the most relevant comparison is not simply which party taxes property investors more. It is which combination of policies could improve your ability to save, reduce the upfront cost of buying, and make housing more affordable relative to your income — while accounting for possible effects on rent and housing supply. Those outcomes are uncertain, so it is worth judging each proposal on its specific design rather than assuming a new tax will automatically bring prices down. ## Gemini Answer ID: 09719ea8-c8ce-46fe-8857-be9af49f6fa7 For people renting and trying to save a deposit while feeling like the "target keeps moving," the approach to property and capital taxes is one of the most heavily debated areas in the 2026 general election. Different political parties have put forward distinct proposals that would alter how property, land, and capital gains are taxed, which could directly or indirectly affect housing affordability and your ability to enter the market. --- ### Parties Proposing Changes to Property or Capital Gains Taxes * **The Labour Party:** * **Proposed Change:** Proposes a **28% capital gains tax (CGT)** on commercial and residential properties, aligned with the company tax rate. * **Key Details:** It explicitly **excludes the family home (and farms)**. It would apply only to gains made on investment or secondary properties after a set start date (1 July 2027). Revenue raised would be ring-fenced for public health initiatives (such as free GP visits). * **The Opportunity Party (TOP):** * **Proposed Change:** Proposes a comprehensive "Tax Reset" featuring a broad **annual residential land value tax (LVT) of 1.75%** alongside income tax reforms and a universal Citizen's Income. * **Key Details:** Unlike a capital gains tax triggered only upon sale, an LVT is an annual tax calculated on the value of the land beneath a property. Opportunity notes that owner-occupiers would have the option to defer paying this annual land tax until the property is sold or passed on to an estate. * **The Green Party & Te Pāti Māori:** * **Proposed Changes:** Both parties propose broader tax reforms that include a **wealth tax** on high-net-worth individuals, alongside specific land-banking or vacant-house taxes aimed at curbing speculation and redistributing wealth. ### Parties Maintaining Status Quo or Favouring Supply-Side Settings * **The National Party:** * **Proposed Change:** Campaigning on a strict **"no new taxes"** pledge, meaning they oppose introducing a capital gains tax, land tax, or wealth tax. Their focus is on fiscal discipline and streamlining resource management, planning, and consenting laws to incentivize private housing construction. * **ACT New Zealand:** * **Proposed Change:** Also opposes new capital or property taxes, focusing instead on lower overall taxes, regulatory reform, reducing land development costs, and removing barriers to expanding land supply. --- ### What These Proposals Could Mean for First-Home Buyers If you are trying to save a deposit and break out of renting, these divergent policy directions could impact you in a few ways: * **Impact on House Prices and Competition:** * *Parties proposing CGT or Land Taxes (Labour, Opportunity, Greens):* Policies like a capital gains tax on investment properties or an annual land value tax are explicitly designed to cool speculative demand for residential property. Proponents argue this could reduce "bracket creep" or runaway price inflation, theoretically making houses more affordable and lessening competition from multi-property investors. Opportunity, for instance, explicitly targets a downward adjustment in land/house prices to improve long-term generational equity. * *Parties maintaining the status quo (National, ACT):* Emphasize that adding new taxes or compliance costs can disrupt the market, potentially squeeze the rental supply if landlords exit, and that the best way to help first-home buyers is through aggressive supply-side reform (cutting red tape to build more houses). * **Impact on Saving a Deposit and Cash Flow:** * Some parties pair their property tax changes with broader income tax cuts or structural shifts (such as Opportunity's Citizen's Income or the Green Party's tax-free thresholds), which could alter your household's disposable income and ability to save. * Conversely, critics of property-tax packages argue that changes impacting landlords can sometimes cause rental market shifts or uncertainty during transitional phases, which can indirectly influence how quickly you can save while paying rent. When considering your vote, it may help to weigh whether you believe cooling demand via taxes on investment/land is the key to stopping the "moving target," or if you lean toward policies focused primarily on boosting housing supply and keeping existing tax structures steady. ## Google AI Mode Answer ID: a90b2759-0073-41fb-bd8c-13efab1760b8 **Political parties in New Zealand propose distinct approaches to property and capital gains taxes ahead of the general election, ranging from a targeted capital gains tax to comprehensive wealth and asset levies or status quo maintenance.** * * * Party Positions on Property and Capital Gains Taxes * * **Labour Party:** Proposes a **targeted 28% capital gains tax (CGT)** on residential investment properties and commercial properties, taking effect on gains realized after 1 July 2027 (with an opening valuation on that date). It explicitly excludes the family home, owner-operated farms, most business assets, KiwiSaver, and personal inheritances. * **Green Party:** Proposes **multiple new wealth and asset-based taxes** rather than just a narrow CGT, aiming to shift the tax burden away from wages onto capital and high-net-worth wealth. [www.farmersweekly.co.nz] * **National Party & ACT Party:** Pledging **no new taxes** (including opposing a capital gains tax or wealth tax), focusing instead on supply-side housing reforms, infrastructure funding, and economic management. [www.farmersweekly.co.nz] * **New Zealand First:** Focuses on other economic adjustments—such as lowering the company tax rate for small and medium-sized enterprises (SMEs) to 20% for turnovers under $30 million—while generally opposing broad capital gains taxes. [www.farmersweekly.co.nz] * * * * What These Proposals Mean for First-Home Buyers For first-home buyers trying to enter the market and escape the cycle of rising deposit targets, these different approaches carry distinct implications: * * **Targeted Capital Gains Tax (e.g., Labour):** * _Potential Upside:_ By applying a 28% tax to residential investment and commercial properties while exempting the family home, the policy aims to reduce the speculative appeal of housing for investors. This could potentially curb rapid price escalation or level the playing field at auctions by dampening investor demand relative to owner-occupiers. * _Potential Downside:_ Critics argue that taxing investment properties can sometimes reduce rental stock or see landlords attempt to pass holding costs on to tenants, though owner-occupied family homes remain untouched. * **Comprehensive Wealth/Asset Taxes (e.g., Greens):** * _Potential Upside:_ Intended to structurally reduce the tax-preferred status of real estate compared to productive business investment, which could redirect capital away from housing speculation and moderate house price growth over the long term. * _Potential Downside:_ Broader net assets or wealth taxes can introduce complexity and uncertainty into the broader economy, affecting savings structures. * **No New Taxes / Status Quo on CGT (e.g., National, ACT, NZ First):** * _Potential Upside:_ Avoids adding new tax compliance or transaction friction to the property market, relying instead on zoning, red-tape reduction, and land supply to improve affordability. * _Potential Downside:_ Does not explicitly penalize or disincentivize property speculation, meaning first-home buyers continue to compete directly with cashed-up residential investors in existing-home markets. * * * * Comparative Policy Overview Party| Stance on Property / Capital Gains| Key Scope & Inclusions/Exclusions| Potential Impact for First-Home Buyers ---|---|---|--- **Labour**| **Targeted CGT (28%)** from July 2027| Excludes family home, farms, KiwiSaver, businesses; covers residential investment and commercial property.| May reduce speculative investor competition against owner-occupier buyers. **Greens**| **Wealth and asset taxes**| Targets high wealth and multi-asset holdings.| Aims to cool housing as an over-tax-favored asset class. **National / ACT**| **No new taxes**| Rejects CGT or wealth/property levies.| Relies on housing supply expansion rather than tax deterrents. **NZ First**| **Opposes broad CGT** / focuses on business tax relief| Focuses on SME corporate tax cuts (20%).| Leaves existing tax treatment of residential property largely unchanged. For detailed breakdowns of party tax frameworks, you can review the analysis provided by Farmers Weekly or the tax summary from PwC New Zealand . ## AI Overviews Answer ID: 338eef0b-8465-48cf-a37f-a023d584fe90 In the 2026 New Zealand general election, political parties offer distinct approaches to property and capital taxation: Parties Proposing Property or Capital Changes * **Labour Party:** Proposes a **28% capital gains tax (CGT)** on residential investment properties and commercial properties sold on or after July 1, 2027. The family home (including lifestyle blocks) and family farms are explicitly excluded. * **The Opportunity Party (TOP):** Proposes a **1.75% annual Land Value Tax (LVT)** on urban land (and lower rates on rural land), which targets the unimproved value of the land rather than buildings or capital gains upon sale. * **Green Party:** Proposes a net wealth tax and a capital acquisitions/inheritance tax (such as a 33% tax on inheritances over $1 million above certain thresholds) rather than a property-only sale tax. * **Te Pāti Māori:** Proposes a net wealth tax, alongside specific measures like a land banking tax, a vacant house tax, and a stamp duty on high-value sales. * **National Party & ACT:** Oppose new capital gains, wealth, or land taxes, maintaining current settings (such as interest deductibility for landlords and the 2-year bright-line test). * **New Zealand First:** Opposes comprehensive capital gains, wealth, or inheritance taxes, focusing instead on areas like company tax reductions for small-to-medium enterprises. * * * What These Changes Could Mean for First-Home Buyers * **Slowing Speculative Demand:** Policies like Labour’s CGT or TOP’s Land Value Tax aim to reduce the after-tax profitability of holding residential investment property. Proponents argue this cools speculative competition, potentially blunting rapid price spikes and giving first-home buyers a more stable target to save toward. * **Potential Downward Pressure on Prices:** TOP explicitly projects that a land value tax would lower property prices (estimating a 10%–15% reduction phased over time), which lowers the overall bar for a deposit, though it may alter broader financing or carrying costs. * **Protection for Your First Home:** Under Labour’s proposal, the family home is completely exempt from the 28% CGT, meaning once you cross the threshold and buy your own house, future gains on that home remain untaxed. * **Status Quo (National/ACT):** Continuing with no new property taxes means relying on existing supply-side housing initiatives and market cycles rather than tax-based dampening of investor demand. Would you like to know more about how **first-home buyer assistance schemes** (like First Home Loans or KiwiSaver withdrawals) are positioned by these parties for the 2026 election?