29CANew dwelling contract requirements

29CA New dwelling contract requirements

The new dwelling contract requirements, in relation to a loan agreement for the construction of a dwelling, are that all borrowers under the loan have entered into a building contract that meets each of the following requirements: (a) the contract is with a builder who holds all the licences and registrations required by law in order to perform the work required by the contract in the relevant jurisdiction; (b) insurance policies are in place in relation to the construction of the dwelling, as required by law; (c) the contract is entered into on an arm’s‑length basis; (d) the contract requires the builder to construct a fully completed dwelling on the land, up to and including the point at which the dwelling is certified as fit for occupation.