New Zealand's government has banned foreigners from purchasing existing homes in the country. The Overseas Investment Amendment was passed by parliament on Wednesday and is designed to make housing more affordable for nationals. "This government believes that New Zealanders should not be outbid by wealthier foreign buyers," the associate finance minister, David Parker, said in a statement. The New Zealand government has passed a ban on foreigners buying existing homes in the country in a bid to tackle soaring house prices and rising homelessness, Al Jazeera and The Guardian reported.