Labour leader Andrew Little has hinted changes will come to negative gearing under a Labour government.

Negative gearing is a tax rule that has been criticised for benefitting property investors.

"We have a policy on that, and I'll be announcing some measures around that tomorrow," Mr Little told Newshub political editor Patrick Gower on Saturday.

He says the changes would be made in Labour's first term.

"All of our housing initiatives are first term initiatives. They'll be stuff we can do as early as possible, as quickly as possible.

"We are going to level the playing field, and make it easier for first-home buyers."

Negative gearing is when a property investor borrows money to buy a property, and if the cost of holding that property is greater than the income it brings in, a tax deduction is made.