16 August 2022
The Home Building Compensation Fund is a ‘last resort safety net’ for owners suffering defects or incomplete works due to the builder’s insolvency, death, disappearance or license suspension.
In December 2020, the Independent Pricing and Regulatory Tribunal (IPART) published their findings and recommendations regarding the home building compensation scheme’s efficiency and effectiveness. The government is now consulting about the design of regulatory reforms flowing from that review.
OCN made yet another submission on the beleaguered scheme, noting the greatest issue is phoenix type behaviour of many builders to avoid responsibility for defects.
Read OCN submission:> OCN Submission – Home Building Compensation Fund August 2022