NSW Strata Building Bond and Inspections Scheme (SBBIS) goes online

Digitising the SSBIS will play a pivotal role in strengthening confidence in the building industry

NSW Strata Building Bond and Inspections Scheme (SBBIS) goes online
NSW Strata Building Bond and Inspections Scheme (SBBIS) goes online

The NSW Government is creating greater protection for consumers from defective building work by moving the Strata Building Bond and Inspections Scheme (SBBIS) online.

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.
Minister for Better Regulation and Innovation Kevin Anderson said moving the process online from July 31 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," Mr Anderson said.

"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,” Mr Anderson said. 
“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.

“Taking the SSBIS online is an important innovation that will enable Fair Trading to oversee the process digitally, freeing up capacity so it can focus on high-risk compliance matters.”
Minister for Digital and Customer Service Victor Dominello said digitising the SSBIS will play a pivotal role in strengthening trust and confidence in the building industry.
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.
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.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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