NSW Govt unveils $1 billion new housing scheme in a bid to give more choice for buyers, renters
The Pre-sale Finance Guarantee scheme will see the state become guarantor of up to $1 billion worth of new housing projects over a five year period.
It aims to give developers greater confidence to build new, mainly medium to high density dwellings for people to buy and rent.
The Government will stump up a maximum of 50 per cent of the value of a project at a minimum of $5 million and maximum of $50 million.
The Minns Government believes the scheme will supercharge construction, as developers will no longer be forced to wait until they secure a certain percentage of pre-sales in an apartment block before getting on with the job.
They hope the scheme will assist in situations where the last few units in an apartment block are struggling to sell.
It also believes by encouraging developers to begin construction, remaining units will become more attractive for first home buyers or investors to purchase, given they wont be off the plan.
The Government aims to guarantee 5,000 properties, which it estimates will bring forward an average of 15,000 properties. It hopes the first properties will be guaranteed by the end of the year.
In a one-on-one interview with Sky News, Treasurer Daniel Mookhey called the scheme, 'a canny use of our fiscal firepower'.
'…that means we are bringing more supply on earlier which we hope will mean that there's more choice available for people who want to buy and rent in New South Wales,' the Treasurer said.
The 2025-26 budget also revealed a record state investment in child protection. $1.2 billion will be spent on bolstering the out-of-home care system, supporting children, foster carers and case workers.
That includes $143.9 million to increase the Foster Care Allowance by 20 per cent, the biggest increase to the payments in almost 20 years.
It means the carer of a 14 year old would receive $1056 per fortnight, up from $880 while the carer of a five year old child would receive $787.20 per fortnight, up from $656.
The changes would take effect in January.
About $797.6 million will be spent improving the system, $49.2 million will be spent on 44 government owned care homes and $10 million will be spent on the Office of the Children's Guardian.
And $191.5 million will be spent on retaining and hiring new caseworkers, delivering 2126 caseworkers a pay rise and helping to hire 200 more people.
Finance Minister Courtney Houssos told Sky News the Government is 'really proud' of the record investment.
'…These are our states most vulnerable children and it's a record spending investment to protect some of the most vulnerable kids in our community,' Minister Houssos said.
There are an estimated 17,000 children in the New South Wales foster care system.
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