12. TODD McCLAY (Inhabitant—Rotorua) to the Minister of Housing: What is the Government doing to help people into homeownership? Hon PHIL HEATLEY (Minister of Housing) : A range of initiatives are under way, but I will focus on just one. Cabinet has recently agreed to the additional room of the loan cap on the Welcome Home Loan product from $280000 to $350000. This means that first-home buyers who want or have to live in higher-value areas, such as Auckland and Wellington, have a fantastic chance. This product will also be available to State house tenants, who are very enthusiastic to go out of renting and into homeownership. Those tenants will be eligible to buy their homes, and they can use this product to do that. Todd McClay: How will the additional room of this product help Māori? Hon PHIL HEATLEY: We have also extended the loan scheme to Māori who want to erect on multiple-owned land. This fulfils an election promise in which we committed ourselves to give the banks the confidence to support Māori housing. The banks are reluctant at the moment to give loans because the land cannot be used as security, and this change delivers a solution to that. Members of the previous Government wrung their hands over this problem for 9 years, and we have delivered a solution to it in 9 months. Todd McClay: How can this product help with the housing supply? Hon PHIL HEATLEY: We gave that a fantastic deal of thought, too, and changes will also allow first-home buyers to borrow in order to …