Australia's biggest residential building association has launched the Housing Affordability Fund (HAF).
HIA Managing director, Dr Ron Silberberg said the $512 million allocated to the HAF will provide tangible assistance to local government to improve planning processes and assist in meeting the cost of infrastructure required to support new residential development.
Concerned with the rising costs and delays associated with planning regulations for new residential development, the HIA has worked closely with the Federal Government to develop measures aimed at cutting red tape and reducing unnecessary costs on new housing.
Faced with increasing development contributions, statutory charges and a myriad of other taxes, builders and developers are simply unable to get a basic entry level new residential dwelling on the market that the average home buyer can afford.
“HAF provides funding to reduce red tape and offset the cost of infrastructure for new residential dwellings and this should reduce the price of new homes for consumers,” said Silberberg.
A $20,000 saving that may be achieved through the application of HAF to new dwellings, has the potential to save consumers almost $50,000 over a thirty year mortgage.
HIA hopes that HAF will improve housing affordability and drive the planning reform required across the entire country.
