The Minns Labor Government is fast-tracking the delivery of 1300 new homes under its $1 billion Pre-sale Finance Guarantee.
The most recent projects supported in Moorebank and Kingsford will deliver 79 new dwellings, including 35 affordable homes, with the Government providing pre-sale commitments to help unlock financing and speed up the start of construction.
The Guarantees will support 29 of the 58 new apartments, including 2 affordable homes, in UFN Developments' $44.5 million project in Harvey Avenue, Moorebank and 10 of 21 new apartments in Advent Property Group's $32.4 million project in Strachan Street, Kingsford.
The Moorebank project includes 31 affordable homes for low to moderate income households in one of southwest Sydney's growing suburbs.
In Kingsford, the development will deliver four affordable dwellings close to university and hospital campuses.
Under the Guarantee, the NSW Government may commit to buy up to 75 per cent of homes off the plan in approved developments, depending on the size of the project. The Guarantee can provide up to $50 million per project, helping developers to unlock construction finance from commercial financial lenders.
Up to $1 billion in pre-sales will be committed through the revolving fund over five years, allowing the program to continue supporting new housing projects across NSW.
To date pre-sale commitments have helped accelerate the delivery of nearly 1,300 new homes in NSW and more applications are under assessment including a growing pipeline of metropolitan and regional projects.
The Pre-sale Finance Guarantee is just one of a suite of nation leading reforms and initiatives introduced by the Minns Labor Government to deliver more homes in the communities people want to live in including:
- Landmark reforms to the State's planning legislation
- The Transport Oriented Development program
- Low and Mid-rise Housing policy
- Infill Affordable Housing Scheme
- The Housing Delivery Authority
- The NSW Housing Pattern Book
- More than 70 state led rezonings
For more information, visit Pre-sale Finance Guarantee.
Minister for Planning and Public Spaces, Paul Scully said:
"The Pre-sale Finance Guarantee is getting more homes built sooner.
"Close to 1,300 homes have been accelerated through this world leading initiative which is now being adopted by states across Australia as an innovative and practical initiative.
"Every new Guarantee is another example of the Minns Labor Government unlocking NSW housing supply so families, key workers and young people can live in the communities they choose."
