NSW’s Strata Building Bond and Inspections Scheme moves online
The New South Wales Government has moved the Strata Building Bond and Inspections Scheme (SBBIS) online to help protect consumers from defective building work and simplify bond management.
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.
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.