SGCH secures $60 million CEFC housing loan

SGCH secures $60 million CEFC housing loan
SGCH secures $60 million CEFC housing loan

The community housing group SGCH has secured a $60 million loan from Australia's Clean Energy Finance Corporation (CEFC) to upgrade the environmental credentials of its existing housing stock and build an additional 200 homes.

The first of the new dwellings will be built in the Sydney suburb of Peakhurst.

It the first time the CEFC has funded residential property, chief operating officer Meg McDonald said. The CEFC is keen to further investment in the residential property sector.

Last November, SGCH secured a $61 million, three-year facility with Westpac Bank to build 275 houses in the Sydney metropolitan area for low-income key workers in sectors such as childcare. 

The latest funding permits SGCH to build better-designed dwellings in Peakhurst that will cost up five per cent more upfront, but which would repay that within five years.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
loan Housing Stock

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?