Thousands of struggling Australians will soon have a roof over their heads with a $10 billion social housing fund set to pass federal parliament.
Labor has secured the numbers it needs after winning over the Greens and Senate cross bench with the promise of more immediate spending on community and public housing.
The Housing Australia Future Fund will invest $10 billion and then spend the earnings, up to $500 million a year, on affordable housing projects.
The future fund is expected to deliver 30,000 homes in its first five years.
Housing Minister Julie Collins said the money would ensure a construction pipeline that helped Australia's most vulnerable "not just for now but for generations".
"This legislation will change lives for thousands of Australians," she told parliament on Tuesday.
"It's important for older women at risk of homelessness, important for women and children fleeing family and domestic violence, important for the veterans who need housing and need a safe space to stay at night."
The housing bill originally stalled earlier this year, prompting talks of a double-dissolution election.
The Greens blocked the bill and made a list of demands including a national freeze on rental increases.
That demand was dropped this week but Greens senator Max Chandler-Mather said the party would not give up.
"This fight has just started," he said.
Liberal frontbencher Simon Birmingham said the housing fund would not do enough.
"It's not going to generate the type of numbers of homes that will shift the dial in a market that is pressured by population and migration," he said.
The opposition also argued the policy would fuel inflation and drive up interest rates. It criticised Labor and the Greens for limiting debate on the legislation.
Crossbench senators David Pocock, Jacqui Lambie and Tammy Tyrrell support the bill, which is expected to clear the upper house on Wednesday.