New Home Owners Warranty Provisions Apply from 1 July

 In News and Events
New Home Owners Warranty Provisions Apply from 1 July

As per HIA media press release 1 July 2014

The HIA e-News last week outlined to Members that Victorian Government proposals to substantially change the Building Act did not progress through Parliament in order to meet the government’s intended implementation date of 1 July 2014. It is now uncertain as to when the Building Legislation Amendment Bill will again be raised in Parliament, which is in recess for winter. The next session of Parliament is scheduled for early August.
The Bill, in its current form, would severely disadvantage our industry and impact negatively on housing affordability without providing a measured approach to improving consumer protection. Aspects of the Bill will need to change before HIA can support it being implemented. While we can now be certain that the Bill has been officially stalled, there is still a lot of work to be done to ensure the appropriate amendments are made.
Some of the proposed changes included substantial changes to home owners warranty, most of which relied upon the Bill being passed to give those changes effect. Two changes that did not rely upon the Bill being passed relate to the minimum threshold for insurance and the maximum amount payable under a policy.

 From today (1 July 2014) the minimum threshold for insurance will increase to $16,000. Previously, insurance was not required for contract less than $12,000. This minimum threshold has now been lifted to reflect the increased cost of building since the $12,000 threshold was first introduced.

 From today (1 July 2014) the maximum amount payable under a policy has increased from $200,000 to $300,000.

 These changes will apply to insurance certificates issued from today.

New Home Owners Warranty Provisions Apply from 1 July

At this point in time there has been no communication in relation to changes to premiums. HIA will monitor the situation and will advise Members of any developments.

For more info check out the VBA website link

http://www.vba.vic.gov.au/media/latest-news/article/2014/june/changes-to-building-practitioner-registration-fees

 

Recent Posts
Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Start typing and press Enter to search