Loan-to-value ratios (LVRs) already allow borrowers to get loans on new builds with a smaller deposit than they would need for an existing property. For a new build, first-home buyers can usually have a deposit of 10 per cent while property investors are currently required to have a deposit of 20 per cent. In contrast, first-home buyers usually need a deposit of 20 per cent to buy an existing house and investors effectively need a 40 per cent deposit already, although that’s not official until May. Opposition leader Judith Collins says Prime Minister Jacinda Ardern has broken a promise by introducing a "capital gains tax" after the Labour Government announced a series of housing policy changes.