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ARTICLE · 17 MARCH 2021

Financiers urged to consider new building compliance requirements before lending

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Financiers should be aware of the new regulations & what they mean for lending arrangements with developer clients.

AustraliaFinance and Banking
Andrew Chew
Andrew Chew
Henry Self
Henry Self
Blake Osmond
Blake Osmond
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Following a number of high profile cases in relation to the quality of developments, Construct NSW is implementing a new regulatory framework to help restore confidence in the NSW building and construction sector. With the new framework in place, financiers will need to be aware of what the new regulations mean for lending arrangements with developer clients and ensure compliance throughout the project.

Background

With the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) (RAB Act) commencing in September 2020 and the Design and Building Practitioners Act 2020 (NSW) (DBP Act) commencing on 1 July 2021, there are an increasing number of Occupation Certificate Audits (OC audits) being carried out. These audits have led to the issue of various other prohibition orders in relation to defective and non-compliant buildings.               

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