Leaky homes information 'garbled', ministers say

National MP Nick Smith's version of a planned aid package for leaky home owners was today described as "garbled" and ministers said some of it was wrong.

Dr Smith yesterday released details of what he said the Government was going to announce in the May 18 budget to help leaky homeowners.

He claimed it was another budget leak, following the scandal over the secret Cabinet document that was sent to Telecom.

Dr Smith said Housing New Zealand would offer loans at 4 per cent interest to help fix homes, and the loans would not have to be paid until houses were sold.

There would also be a government guarantee to banks, he said.

Prime Minister Helen Clark told reporters today the proposal had been worked on for some time.

"It's due for announcement before the budget -- Nick Smith has no document," she said.

"We've consulted a great amount. Sooner or later someone... was going to run title tattling to him with a garbled version."

Building Issues Minister Clayton Cosgrove told reporters to wait for the announcement.

"He's incorrect. For instance there is no 4 per cent loans subsidy," he said.

- NZPA