Fuelling the fire

An Auckland landlord was so desperate to keep a tenant that free petrol was given away as an incentive...

The residential property investor told a BNZ survey that times were extremely tough.

"This week, I offered several hundreds of dollars of fuel vouchers to a good existing tenant who is struggling financially as a sign-on incentive to roll over for another 12-month term," the landlord said.

The city's rental housing market was flooded with properties which vendors could not sell so they tenanted them, giving tenants a huge choice.

The landlord complained about fixed-term mortgages at high interest rates of 9.4 per cent to 9.6 per cent. Other property investors complained about lack of money from banks, saying it was a good time to buy but credit was limited

Source: NZ Herald