Reforming the HBCF
There is currently a new reform proposed for the HBCF, previously known as the Homeowners Warranty.
A discussion has been held in terms of reforming and changing the HBCF, which all of us in the industry know that it is compulsory. For any kind of construction project that is over the amount of $20,000.00, it is compulsory to obtain the Home Building Compensation Fund (HBCF). This is not fair in terms of the homeowners, for whom the maximum amount that you can actually claim is only $360,000.00.
What if the builder who is managing your project goes broke, disappears out of nowhere, or worse, passes away? Give your professional experience; discuss what you believe the HBCF should be and what changes must be made to achieve this. This is still an ongoing debate about proposing some changes and capping off the maximum claim.
If you are anyone that’s working in that space of construction, it’s highly recommended that you click on the link below and have your say in terms of what the reform should be targeting. HBCF Reform – Have Your Say https://www.sira.nsw.gov.au/consultat…
Darren Zhou is the Director of Magico Constructions, a boutique Sydney building company known for its focus on quality, transparency and thoughtful design. With years of experience across residential projects, Darren brings a calm, detail-driven approach to every build. He is passionate about creating homes that feel solid, considered and built to last, and he enjoys helping clients understand the process with clarity and confidence.
Magico Constructions
Magico Constructions
Magico Constructions
