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The Tasmanian government is developing a new scheme to provide a safety net for property owners who are building a home.
Following the collapse of two building companies in Tasmania that left approximately 50 property owners with incomplete construction projects, the Tasmanian government has announced its intention to implement a home warranty insurance scheme.
The program, currently in development, seeks to provide financial security in instances where a builder disappears, becomes insolvent, or dies.
An assistance package is currently being rolled out to help property owners already impacted by builder insolvencies. It’s modelled off the current projection for what the insurance scheme will look like once it’s implemented.
It allows for:
This assistance is available to anyone affected by the death, disappearance or insolvency of a builder since 1 July 2021.
Elise Archer, the state’s Minister for Workplace Safety and Consumer Affairs, said the government was pursuing these plans because it recognised that “buying or building a home is the biggest investment many people will make”.
She said she expected the full scheme to be implemented later this year and noted it would be administered by the Department of Justice’s Consumer, Building and Occupational Services (CBOS).