NSW government delays introduction of defect bond system to rectify building faults | Owners Corporation Network

NSW government delays introduction of defect bond system to rectify building faults

Home owners who have ended up buying into shoddily built apartment blocks are going to suffer the most from a NSW government decision to further delay the introduction of its much-vaunted system of strata defect bonds, it has been claimed. The scheme, agreed in 2015, whereby developers would have to put aside 2 per cent of the cost of a new building to be used to rectify any faults for owners, was meant to be brought into law in July last year. It was deferred until this July and now postponed again – without any official public announcement – to January 1, 2018.
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