Currently, there is a severe shortage of social housing in Australia. In order to address this pressing problem, there is an urgent need for huge investment into this sector, which would require the participation of private institutional investors. This paper analyses this issue from a new perspective or a new lens. It applies the “missing market or incomplete market” theory to review the existing literature relating to social housing finance. The existing studies on social finance, while very useful and having important practical outcomes, are often not solidly guided by scientific theory. This paper therefore fills this gap. It attempts to identify the plausible reasons which cause missing/incomplete markets, in general, and in relation to the social housing finance area, in particular. The review also pinpoints potential solutions to the missing or incomplete social housing finance market and recommends potential areas for future research.