Investors buying in the Northern Territory can expect a boost of confidence after today’s announcement of a building boost from 1 January 2013, according to Minister for Lands and Planning Gerry McCarthy.
The Residential Building Cover package commencing next year will help protect those looking for new home, and will help allay concerns about the future, Mr McCarthy said.
“As we enter the next stage of Territory growth we need to ensure that home buyers and builders feel confident that they are protected from unforeseen circumstances during construction,” he said.
“This new Residential Building Cover package is about ensuring consumer protection while maintaining a healthy industry.”
The package includes a ‘fidelity fund’ similar to that delivered in the ACT, and aims to cover the consumer from any problems completing a contract as well as non-compliance issues.
A new dispute resolution process, managed by Consumer Affairs, as well as new requirements for both the buyer and the builder will be put in place.
The initiative was created based on feedback from the community, and in line with the Territory 2030 vision.