After lengthy delays, some home buyers left in the lurch over insurance issues are now restarting the process of finishing their partially-built homes.
An Emergency Warning has been issued for parts of Nambeelup, Serpentine and the Shire of Murray in Western Australia. For the latest, search onNearly three years after he signed a contract, first home buyer Geoff Browne is still waiting for his townhouse to be finished.
"The government underwrites the BII scheme, so that any shortfall caused by an increased number of claims against the fund is met by the state budget," the spokesperson said. He said granting retrospective cover was often a straightforward process – unless the builder has entered liquidation. "This follows several recent instances across different council areas where builders have commenced work without BII in place or where forged BII certificates were presented by builders and they have subsequently gone into liquidation," she said.Treasurer Stephen Mullighan and Consumer and Ms Michaels have also been leading a joint review into South Australia's Building Indemnity Insurance, to consider protections for consumers as well as how well the cover works for builders.
But Mr Stephens said working out the cap for each builder varied across the country and was not a "straightforward calculation", something made even more difficult due to what he said was a lack of understanding about "construction financials" by both building companies and their accountants.He said a survey by the association showed around 90 per cent of building company owners did not know how to make a major calculation used by insurers called a work-in-progress.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Glencore exits Australian copper but future still bright for nation's critical minerals sector, expert saysOne of the world's biggest mining companies is pulling out of Australian copper despite growing demand for the renewable energy metal. What does that mean for Australia's role plugging the critical minerals gap?
Read more »
The easy-to-miss detail that makes these Australian 2c coins worth hundreds of dollars7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Adelaide man thanks Australian officials for ‘relentless’ effort to get family of four home from GazaArriving in Adelaide the father of two has thanked everyone who ‘felt their pain’ and praised ‘compassionate’ Dfat staff
Read more »
Stunning way AFP brought down a top Australian fugitiveOne of Australia’s most wanted fugitives has been captured by the Australian Federal Police following a three-year operation where more than 220 alleged criminals were arrested.
Read more »
Steve Price predicts ‘biggest battle’ ever between Australian farmers and the governmentSky News contributor Steve Price is predicting the “biggest battle” ever between Australian farmers and the government which will make the old Lock the Gate movement look like a “kindergarten tea party”.
Read more »
Legal setback for Australian women and children in Syrian refugee campThe Federal Court has dismissed an application to repatriate a group of I-S wives, widows and children from two camps in northeast Syria. Relatives say they're devastated by the decision, with many of their 31 family members having been stuck in the camps for more than four years.
Read more »