Homes are at their most affordable in six years - apart from in Auckland, where the average weekly mortgage is more than $570 a week.

New Kiwibank head Paul Brock is urging potential first home buyers not to be spooked and to go out and buy, so long as they can afford to.

The "GST-income tax switch" will from tomorrow leave the vast majority of income earners with at least a few more dollars in their pockets each week.

An ex-real estate agent allegedly used fake paperwork to secure bank mortgages in other people's names as part of an elaborate property scam involving more than $10m.

"Many mum and dad investors have lost large sums of money because of the poor investment advice they've received," blurted Simon Power.

Auckland and Queenstown have again been confirmed as having the most unaffordable housing for locals.

A weakening recovery and the Christchurch earthquake have prompted the Reserve Bank to leave official interest rates on hold this morning at 3 per cent.

Kiwibank accounted for 40 per cent of new residential mortgages written by the major banks in the June quarter.