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Industry News, Latest News, New South Wales, Professional Services

NSW brings bond scheme online

A Queensland company has been selected to redevelop a former heritage rail station into a mixed-use urban precinct.

The New South Wales Government has moved the Strata Building Bond and Inspections Scheme (SBBIS) online to help protect consumers from defective building work and simplify bond management.

Under the SBBIS, developers are required to pay a bond equal to two percent of the building contract price to NSW Fair Trading for newly constructed multi-story (4 levels and higher) strata developments. The building bond adds another layer of protection for strata owners, providing money to cover the cost of rectifying early defects that are not fixed by the developer.

Building inspectors will be able to download a free ‘SBBIS Inspect’ app that will enable them to log defects and add photos or video evidence to their reports in real time during onsite inspections.

Better Regulation and Innovation Minister Kevin Anderson said moving the process online is the first step in the NSW Government’s new digital data hub and will take the scheme to the next level by removing paper forms, making the process simpler and allowing everyone involved to easily follow progress on claims and inspections.

“The Strata Building Bond and Inspections Scheme currently holds more than $66.5 million in building bonds. That is money that can go straight to owners corporations to fix building defects without them needing to go through expensive, complex and lengthy legal claims,” Anderson said.

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“Moving the SBBIS online means that everyone knows what’s happening so we can get through the process quickly, making life simpler and easier for strata owners in NSW.

“The NSW Government has embarked on revolutionary reform in the construction sector to better protect new apartment owners, and make regulation more efficient and transparent.”

Digital and Customer Service Minister Victor Dominello said digitising the SSBIS will play a pivotal role in strengthening trust and confidence in the building industry.

“This initiative has homeowners at its heart. Strata living is increasingly popular for couples and families, and we want to do everything, including using technology, to reduce stress and make life easier for them,” Dominello said.

“We’re now giving people a bird’s-eye view of an important aspect of the strata process, so they can keep a close watch on their most significant financial investment.”

The SBBIS digitisation is one of the first stages in the development of a new Strata Hub to support strata management in NSW and drive building industry reform as part of the Construct NSW transformation strategy.

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