Key elementsThe Housing Affordability Fund is being established to assist up to 50,000 new home buyers across Australia over 5 years by lowering the burden of infrastructure and regulatory costs built into the purchase price of a new home.
BackgroundThe Housing Affordability Fund will address two significant 'supply-side' barriers to housing development: 'holding costs' associated with the time taken by planning and approval processes and the impacts of fees and charges to support infrastructure. Grants will target greenfield and infill areas where high dwelling demand currently exists and is forecast in the next five years. Criteria for assessing applications will be agreed between the Australian, state, territory and local governments.
As part of the Fund, the Government will invest up to $30 million, to roll out nationally electronic development assessments (eDAs) and online tracking services. This will improve the lodgement and assessment of development applications, reducing processing times and holding costs associated with new developments.