Builders Not to Accept Deposits Under Major Domestic Building Contract Before Taking Out Domestic Warranty Insurance

The Victorian Government has today introduced laws into Parliament to prevent builders accepting deposits under major domestic building contracts before they have taken out the required domestic warranty insurance.

Under the Building Legislation Amendment (Domestic Building Insurance New Offences) Bill 2023, builders who are found to have received a deposit under a major domestic building contract, before taking out the required domestic warranty insurance, face a penalty of up to $96,000 for an individual or $480,000 for a company.

(03) 9088 2106
eric@brixtonlegal.com.au
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