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”The Victorian Government’s decision is only about improving the financial performance of the DBI scheme and is premature as the industry waits for the government to announce possible reforms to the scheme.
“This premium increase, which will directly add to the fees and charges paid by home buyers, will not be accompanied by any changes to the insurance benefits.
“The increase also adds to many challenges facing the residential building industry. This will do nothing to help deliver an increased number of desperately needed new homes.
“Home builder cashflow positions, already precariously thin under the weight of sustained pressure from rising building material and labour costs, will be further squeezed by the significant hike in DBI premiums.
“Builders want to stay competitive, but they will have little option but to factor the premium rise into the cost of a new dwelling and pass on to home buyers,” said Mr Ryan.
While acknowledging pressure on premiums has been building for some time due to VMIA’s growing claims exposure to builder insolvencies in recent years, Mr Ryan said the order of magnitude of the across-the-board increase from 1 September is unfair and without precedence.
The vast majority of Victorian builders are not triggering DBI claims and are continuing to complete homes for their clients despite the current challenges they all face.
“Last week’s decision by the Reserve Bank to keep interest rates on hold provided a respite for the embattled residential building sector.
“This announcement has dented that relief and is a stark reminder to home builders that the cost of doing business in Victoria is getting harder, not easier," concluded Mr Ryan.
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
Housing Industry Association welcomes today’s announcement by the Cook Labor Government to review key aspects of the home building contracts legislation and provide the building regulator with additional powers to work with builders in distress.