Jenny and Gavin Leary cannot see anything in the Government's housing affordability package to immediately help them get a foothold in Auckland's red-hot housing market.
The Learys, who have a 2-year-old daughter, Harriet, have been trying to buy their first home near a railway line on the Auckland isthmus for the past year.
But despite having a good deposit, mortgage approval and a budget of $500,000, they have been outbid at two auctions by people they believe were investment buyers.
"It has been extremely depressing and frustrating," said Mrs Leary.
She said there were a lot of measures in the Budget for state housing, which they did not qualify for, and freeing up land, which would not help them in their situation.
"We are not in a position to buy land and build a house because we can't get a mortgage to do that."
Mrs Leary said a Government move giving Reserve Bank Governor Graeme Wheeler a suite of measures to restrict banks lending in an over-heated housing market would not help either.
It had been very frustrating to see investors in a better position than first-home buyers purchasing homes to rent out.
A capital gains tax might be sensible because it might stop investors buying property and get them to put their money in shares.