New residential houses, townhouses, villas and home units under three storeys require insurance under the Home Building Compensation Fund (HBCF, formerly known as Warranty Insurance).
There is currently no requirement for HBCF insurance for residential high rise strata buildings (those over three storeys in height). Under the new laws, developers will be required to lodge a bond with NSW Fair Trading in the form of a financial security equal to 2% of the contract price for residential and mixed use high rise strata buildings. An occupation certificate will not be issued until the bond has been lodged with NSW Fair Trading.
The bond will provide the funds necessary to fix defective work that has not been rectified within the necessary timeframes.
The new requirements will only apply to building work commenced, or contracts entered into, after the commencement of the reforms.
The bond is not payable until it is time to get an occupation certificate. Developers will be required to engage and pay for an independent building inspector to carry out an interim and final inspection report.
Sydney Building Reports has qualified Building Consultants that can liaise with you and carry out interim and final inspection reports.
Call us on 1300 131 270 to make an appointment.
Trusted by homeowners, vendors and strata throughout Greater Sydney.
Hi Craig, Your advice has greatly eased our anxiety about the matters raised in my emails regarding brick blemishes and mortar. Your advice and perspective as an independent building professional has helped us to decide that it may not be worth pursuing further with our builder (even if it means accepting that our new home […]
Thanks Joyce, and thank you also to your company. It is really stressful buying a house but your company was easy to find on the internet, easy to deal with and your inspector was really good in that he spoke with me in detail about his findings. We are now the proud owners of a […]
Hello Joyce, Thank you for sending these through and for all your assistance. It was great Craig was able to complete the inspection and report at such short notice. The good news is that we have just exchanged contracts so we are really happy we will have a new home soon. Thanks again.
Hi Joyce, Sorry it’s taken me so long to get back to you, but I just wanted to say thanks for assisting me with getting a building inspection done in such short notice. I was hoping you could pass on my thanks to the inspector, as he spend about 15 minutes of his time talking […]
Hi Joyce, Many thanks for sending the report through. And a big thanks to your team for getting the report done so quickly. Your assistance is greatly appreciated.
Hi Joyce, Many thanks to you and your team, we purchased this property and are now settling in.
Thanks very much Claire, I appreciate your help and assistance. Gabby, Craig and yourself have been just wonderful in assisting my elderly Mum with this unfortunate case.
Thank you so much, especially for organising my report so quickly for me.
Talk to our qualified building inspectors today for a full assessment, advice and consultation.
Our team is ready to provide the support and answers you need.
