Winston Peters has emerged from his morning talks with National, refusing to say what policies are being discussed - but saying foreign ownership will be part of negotiations.

Peters has previously said NZ First will aim to have a decision made by Thursday, but would not say today whether that meant the party wanted to announce the decision on that day.

"The meeting was great, actually," Peters said. "Like all the meetings have been so far."

Peters said yesterday talks today would go into the night, and confirmed today NZ First would meet again with National later today.

He said NZ First was covering similar policy areas with both Labour and National.

"It is not a game of tennis here, or ping pong. It is different discussions with different parties."

Peters said NZ First was still on track for a decision by Thursday. Asked if that meant announcing the decision on that day, he didn't say.

"What we said we would do by the 12th of October we are setting out to do ... what we are trying to do is ensure that we give all sides in this negotiation a fair hearing, and vice versa."

Asked about news of a takeover of UDC Finance, Peters said the sell off of New Zealand interests to overseas buyers was the "continuing story of this country's decline since the 14th of July, 1984".

"These talks are about a change in the way this country is run. Both economically and socially."

Peters said foreign ownership issues would be part of the talks.

"Have you got that? It is a yes."

The groups headed in at 9.30am and emerged a little over two hours later.

Mr Peters, who on Sunday promised negotiations would go "all day (Monday) and into the night" took just a quick break before heading into round two with Labour.

His team will meet again with National in the afternoon, and likely again Labour later in the afternoon.

He called those talks "warm and constructive".

The pair no doubt went over in some detail Labour's first formal discussions with NZ First on Sunday because despite the Greens not being involved in their talks their numbers are needed for Labour and NZ First to reach the 61 seat majority.

Mr Peters has set Thursday as the deadline for a decision and says there are complex policy issues still to deal with but there's no reason that timeline can't be kept.

He wants concessions from the main parties in return for his support, and he'll be weighing up what they offer when he comes to deciding which of them is offering the best deal for his party.

As the leaders handle the top-level talks there are reports of intense behind- the-scenes activity to thrash out policy agreements.

Mr Peters is believed to have an extensive list of NZ First policies he wants implemented, ranging from immigration cuts and regional development to enhanced SuperGold Card entitlements.

The meetings are taking place in a neutral venue at parliament, and security around them is being tightened.

All three teams have agreed the negotiations will be strictly confidential.