Deals in Moorebank and Kingsford take the NSW scheme to nearly 1,300 homes. The two newest projects are far smaller than the towers behind the headline figure, and the last public record of what has actually started is three months old.
Two more Sydney apartment projects have been backed by the NSW Government’s Pre-sale Finance Guarantee, taking the program to nearly 1,300 homes since its first commitment was finalised in January.
The new deals are in Moorebank, in the southwest, and Kingsford, in the east. Together they cover 79 homes, and 35 of those are affordable.
They are small next to the projects that built the headline number. That shift matters for builders, because projects of 20 to 60 homes are where a lot of medium density work sits.
What did the NSW Government announce on 16 October?
The announcement named two projects. UFN Developments’ $44.5 million project on Harvey Avenue, Moorebank, will deliver 58 apartments, including 31 affordable homes for low to moderate income households. The guarantee covers 29 of those apartments, two of them affordable.
Advent Property Group’s $32.4 million project on Strachan Street, Kingsford, will deliver 21 apartments, four of them affordable. The guarantee covers 10.
The government has not stated the dollar value of its commitments on either project.
How does the guarantee get a project to construction?
Lenders commonly hold back construction funding until a set share of a project’s homes has sold off the plan. The guarantee meets part of that condition. Under the program rules, the government contracts to buy nominated homes at an agreed price if they are still unsold once they are ready to occupy.
The developer can sell those homes privately at any time, which cancels the government’s contract. The agreed price sits at a minimum 10 per cent discount to independently assessed market value, which keeps the incentive to keep selling. That discount does not apply to affordable homes delivered by registered not for profit community housing providers.
Developers pay an application fee, an establishment fee and a line fee of 1 to 1.5 per cent a year on the outstanding commitment. The government pays no deposit on the homes.
What is a renounceable presale commitment?
A renounceable presale commitment is a government contract to buy a nominated home in a development, at a discounted price agreed in advance, once the home is finished. It counts toward the lender’s presale condition, so construction finance can be released. If the developer sells the home to a private buyer first, the commitment is cancelled. Under the NSW Pre-sale Finance Guarantee, the government expects most homes to sell privately before or at completion.
Why did both projects stop at half their homes?
The release says the government may commit to buying up to 75 per cent of homes, depending on project size. That figure needs context.
Under the program rules, the 75 per cent ceiling, with a $30 million cap, applies only to projects with fewer than 20 homes. Projects with more than 20 homes are limited to 50 per cent and $50 million. Affordable homes delivered by registered not for profit community housing providers can be covered in full, up to $30 million per project.
Moorebank’s 29 of 58 is exactly half. Kingsford’s 10 of 21 sits just under half. At 21 homes, Kingsford is just over the line into the larger project band.
The rules have also moved down the size scale. Government releases earlier this year described support starting at $5 million per project. The current rules instead set a floor of four homes, with individual homes valued at up to $2 million, or $2.5 million for three or more bedrooms.
What sits inside the nearly 1,300 homes?
The department publishes a performance table on the program page. It was last updated on 21 July 2026 and lists seven projects, six of them with commitments.
Those six commitments total $179.3 million and cover 152 homes directly. The projects they sit inside add up to 1,213 homes. The seventh, in Orange, is listed as not requiring support at this stage.
Adding Moorebank and Kingsford takes the total to 1,292 homes, with 191 covered directly. That is the nearly 1,300 in the release.
Most of the total comes from large Sydney projects. Rhodes accounts for 401 homes, Pyrmont 285, Auburn 249 and Rozelle, the first project supported, 227.
On our reading of the table, each guaranteed home helped release finance for about eight homes in total up to July. The two new deals run at about two. Across all 1,292 homes, the average falls to just under seven.
That is the expected result of a program moving toward smaller projects. A tower with 400 homes can meet its lender’s condition with the government covering a small slice. A 21 home building needs cover on close to half.
A tower with 400 homes can meet its lender’s condition with the government covering a small slice. A 21 home building needs cover on close to half.
How many of those homes are under construction?
Fewer than the headline suggests, based on the last public update.
At 21 July, construction had commenced at Rozelle and at one Orange project, a combined 248 homes. Westmead’s 30 homes were ready to commence. Pyrmont, Auburn and Rhodes were at contract stage.
The release describes the homes as accelerated, not started. Both can be true. The rules require substantial commencement within six months of formal contracts being signed, and the department says backing let the Rozelle developer start about six months earlier than a traditional presale campaign would have allowed.
The department has not published a progress update since July. The next one will show whether the contract stage projects have reached site.
Where do builders fit in the Pre-sale Finance Guarantee?
The guarantee is written for developers, but the finance it unlocks pays for construction.
The department assesses the capability, capacity and credibility of the whole delivery team, including the history and character of the builder. A builder’s record goes in front of government before any finance is released.
The six month commencement requirement shortens the gap between a signed project and mobilisation. For builders and trades, that is the difference between a tender that converts and one that sits waiting on sales, with all the cash flow pressure that brings.
The government is clear about what it does not take on. It assumes no development risk, does not vouch for the quality or delivery of a project, and can cancel its contracts if homes are not completed as required.
Are other states running the same scheme?
Western Australia’s $250 million Pre-sale Guarantee, run by Keystart, opened for applications on 8 October. South Australia’s proposed $500 million Apartment Fast-Track Fund is limited to the Adelaide CBD and went to industry consultation in June.
We looked at how the NSW and WA schemes compare last week. We found no equivalent state scheme announced in Queensland or Victoria.
Each scheme tests the same idea: that finance, not approvals, is what holds back apartment supply in Australia. NSW is the furthest along, and its numbers are the ones other states will be judged against.
The Good Builder Take
Nearly 1,300 homes is a real number, but it measures finance unlocked, not concrete poured.
The more useful signal in this round is project size. Deals of 21 and 58 homes are the jobs medium density builders actually price. If the scheme keeps reaching that scale, more of its value lands with the builders who deliver them.
We will be watching the next performance update for how many contract stage projects have moved to site. If a job you are pricing is waiting on presales, tell us.
Frequently asked questions
It is a $1 billion revolving NSW Government program, anticipated to run until September 2030, that commits to buying off the plan homes in eligible residential projects. The commitments help developers meet lender presale conditions so construction finance can be released and building can start sooner.
Up to 50 per cent of homes and $50 million for projects with more than 20 homes, and up to 75 per cent and $30 million for projects with fewer than 20. Affordable homes delivered by registered not for profit community housing providers can be covered in full, up to $30 million. Projects need at least four homes, and individual homes must be valued at up to $2 million, or $2.5 million with three or more bedrooms.
No. The price is set at a minimum 10 per cent discount to independently assessed market value, except for affordable homes delivered by registered not for profit community housing providers. The government pays no deposit and only buys homes that are still unsold once they are ready to occupy.
The NSW Government said on 16 October 2026 that the program had helped accelerate nearly 1,300 homes. The department’s performance table, last updated on 21 July 2026, lists 1,213 homes across six supported projects. The Moorebank and Kingsford deals add 79 homes.
The guarantee is made with developers, but it releases the construction finance that funds builders and trades. The department assesses the history and character of the builder as part of the delivery team, and supported projects must reach substantial commencement within six months of formal contracts being signed.
Related articles
- WA’s $250 Million Pre-sale Guarantee Is Open. NSW Has Already Shown How It Plays Out
- $500 Million Pre-Sale Guarantee Fund to Fast-Track Adelaide Apartment Builds
Last updated: 19 October 2026. NSW performance figures as published 21 July 2026.
General Information Only. This article provides general information only and does not constitute legal, financial or professional advice. It does not take into account your individual circumstances. Program rules and eligibility can change, so seek independent professional advice and check current terms with the relevant government agency before making any decision.
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