The Victorian Government has paid out $3.6 million to 120 victims of the HIH Insurance collapse. The state’s $35 million HIH rescue package was set up last May to assist home owners and fund HIH builders’ warranty insurance claims.

Another $377,000 has been approved, taking total payments to date to just under $4 million. Former Finance Minister Lynne Kosky said 1129 claims have been lodged with Housing Guarantee Fund Limited. The claims lodged related to defects or non-completion previously insured under builders’ warranty policies issued by HIH.

HGFL expects to process about another 6000 claims in the next six years.

“The package is ensuring that the Victorian building and real estate sectors are kept moving by removing doubts over the status of builders’ warranty insurance policies,” Ms Kosky said.