The state government has earmarked an additional $700 million for its shared equity home buying scheme for its final year.
On Tuesday (7 May), the Victorian state government handed down its state budget for 2024/2025, revealing that the Victorian Homebuyer Fund will cease after next year.
Presented by State Treasurer Tim Pallas MP and Premier Jacinta Allen, the budget sets out the funding for the state government for the next year.
Several of the key initiatives target the cost of living and supporting home buyers.
This is being done through a range of measures, including allocating funding to “promote more modern methods of construction, such as modular or prefabricated builds” and:
1. Providing $197 million to continue support for people experiencing or at risk of homelessness, including grants for homelessness services, accommodation for people with complex needs, and crisis response services.
2. Using $114 million to remove cladding identified as posing unacceptable risk from residential buildings.
3. Investing $107 million to progress the government’s housing agenda, including $20 million to build roads and enabling infrastructure to unlock government-owned land in East Werribee.
4. Investing $63 million to address systemic issues within the building sector, including strengthening the Victorian Building Authority.
5. Using $19 million to improve response times for repairs and maintenance in social housing.
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