The Building Legislation Amendment (Domestic Building Insurance New Offences) Bill 2023 will protect home buyers by making sure they are covered by insurance prior to paying any money to a builder, under a contract for domestic building work costing more than $16,000.
This follows the collapse of Porter Davis ³Ô¹ÏÍøÕ¾s earlier this year where consumers lost their deposits after Porter Davis ³Ô¹ÏÍøÕ¾s took deposits but did not take out the required insurance.
The new laws introduced into Parliament today will give the VBA more powers to act if builders are found to have done the wrong thing.
The VBA reminds all builders, if a contract to do domestic building work in Victoria is worth $16,000 or more, you require DBI, and it is your responsibility to purchase it on behalf of your client.
The VBA is continuing to audit builders compliance with DBI requirements.
The VBA has also set out its refreshed regulatory approach in a policy statement released today. The new Regulatory Policy Statement sets out the VBA’s objective to improve consumer outcomes, how it will use its powers and how it intends to regulate and ensure compliance with building regulations.
The VBA’s Regulatory Policy Statement aims to improve consumer outcomes to ensure the VBA is a trusted regulator.
Quotes attributable to VBA CEO Anna Cronin
“The VBA’s Regulatory Policy Statement is an important change in our priorities and direction so we can achieve our goal of earning the trust of the Victorian people,”
“Importantly, it puts consumers at the heart of what we do as a regulator,”
“Our is aim is to be both a targeted enforcer and a trusted regulator by focusing our efforts on what best protects the Victorian community.”
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