Date change for NSW strata building bond scheme

The new strata building bond and inspection scheme in New South Wales will start 1 January 2018 following a change to the original commencement date of 1 July 2017.

This scheme will only apply to construction contracts signed (or where there is no contract and building work commences) from 1 January 2018 according to NSW Fair Trading and will not require developers of new strata schemes to lodge defect bonds before 31 December 2017.

The starting date has been due to put procedural and professional requirements in place before commencement.

This includes:

• the new standards and procedures relating to strata-specific building inspections
• new digital business processes to support bond lodgement and processing of the scheme.