New Zealand's opposition Labour party says it will change Housing NZ from a state-owned corporation to a public service entity and use the dividends it pays government to build new state houses.

Labour leader Andrew Little said the announcement on Saturday in Wellington was the second of three on housing policy by the party.

"The government is using the corporation as a cash cow as it sells off state houses," Mr Little said.

He said the governing National party, since coming to office, had taken $NZ664 million ($A641.55 million) from Housing NZ in dividends and had put in $NZ141 million, meaning it had stripped $NZ523 million out of the corporation.

"Being restored as a public service which isn't required to pay dividends means Housing NZ will have more money to ensure existing state homes are warm and dry, and build new state houses."

On Thursday Mr Little announced an emergency housing policy he said would put a roof over the heads of 5100 homeless people a year.

Mr Little said a Labour government would provide an additional $NZ60 million over four years to help get people off the streets and into warm, dry temporary housing.

He was due to make a further announcement on housing policy at 2pm on Sunday.

Mr Little told TV3's The Nation program the announcement on Sunday would be comprehensive and deal with a number of issues, including speculators in the market.

Mr Little has previously said a capital gains tax and superannuation policies that proved unpopular with voters at the last election would not be part of the 2017 manifesto.