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{{propApi.successMessage}} {{region}} Change locationHBCF Insurance changes for apartment projects is great news for feasibility
HBCF Insurance changes for apartment projects is great news for feasibility
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Under the amendments published by the NSW Government today, low rise Class 2 (apartment) building projects with more than 2 residential units will no longer require Home Building Compensation Fund (HBCF) Insurance. Instead, purchasers of apartments in these projects will have the same protections as larger apartment developments, including the Strata Building Bond.
“The requirement for HBCF Insurance for low rise apartment buildings added significantly to the project cost and was a massive handbrake on these types of developments.
“Today’s changes will instantly make developments more feasible, whilst still ensuring consumers are adequately protected”, added Mr Armitage.
“The Housing Industry Association has been telling the NSW Government for some time that the HBCF system is completely broken and is not working for consumers or builders.
“There are approved projects that have not started because of HBCF. These changes mean the handbrake can be lifted and those projects will now be built.
“The HBCF system needs a complete overhaul. The changes announced today are a great start”, concluded Mr Armitage.
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HBCF Insurance changes for apartment projects is great news for feasibility
“The removal of the need for Home Building Compensation Fund Insurance for low rise apartment building projects will deliver more homes”, said Brad Armitage, HIA NSW Executive Director.
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