Skip to main content

Abbreviations And Acronyms For Owner Builders


Article on Abbreviations and acronyms for owner builders by adam

Adam Weaver adam@allrisk.com.au
14-04-2018

OMG abbreviations WT...

Recently a couple of owner builders confessed that they've been drowning in the sheer number of acronyms and abbreviations in their owner builder licence paperwork, and that we (Allrisk) were the only ones able to explain what these acronyms mean. That's a dubious honour at best, so let's try to go through some of the more common shorthand for posterity:
APZ
ALL: These are Asset Protection Zones - land buffers between higher bushfire risk areas and humans or other valuable assets.
BASIX
NSW: This is the Building Sustainability Index - a web-based tool to assess the proposed development against factors like water consumption and greenhouse gas emissions.
BCA
ALL: This is the Building Code of Australia.
CDC
NSW (mostly): This is a Complying Development Certificate - a fast track approval system for low impact development on certain criteria.
CoO
ALL: This is a Certificate of Occupancy, your council's document confirming that they've inspected your owner-built home and believe it to be suitable. It's just a piece of paper, if you've finished the project but will have to wait weeks for the council to be able to inspect, we'd urge you to get immediate home insurance to protect the building (as once you've finished building, owner builder construction insurance may not be valid).
DBI
VIC: This is Domestic Building Insurance - covering the risk of the owner builder going bankrupt/dying/disappearing and leaving the purchase of the owner-built home with shoddy work or defects. This can only be purchased through approved agents - more info here.
HBCF
NSW: This is the Home Building Compensation Fund - it covers the risk of the builder/tradesman going bankrupt/dying/disappearing and leaving the owner builder with shoddy work or materials. Owner builders themselves do not buy this insurance (the owner builder him/herself isn't going to claim on him/herself for his/her own bankruptcy).
HWI
WA: This is Home Warranty Insurance - covering the risk of the owner builder going bankrupt/dying/disappearing/failing to comply with a tribunal order and leaving the purchaser of the owner-built home with shoddy work or defects. QBE are the sole insurers left in WA, we can provide indications here.
iCARE
NSW: This is Insurance & Care NSW, the government body administering the Home Building Compensation Fund and NSW Workers' Compensation. Don't get their functions confused - one is not a substitute for the other; whilst owner builders won't need the HBCF directly (though contractors do), they may need workers' compensation for sole trader contractors working for the owner builder.
LSL
NSW: This is the Long Service Levy payable to your council in respect of long service payments to construction industry workers. Owner builders may be able to apply for a reduction in the levy proportional to the amount of their own labour in the work. 
PCA
NSW (mostly): This is a Principal Certifying Authority - the body issuing permits and inspecting work during the build to ensure compliance with some legal requirements. It may be your council directly, or maybe a building certifier reporting to the council on your behalf.

And there are many more!

Being an owner builder can be very rewarding, but with the volume of requirements and paperwork, it can feel daunting. At least the insurance part isn't difficult - we provide instant online quotes (also immediately e-mailed to you) along with a description of the options which can be insured, together with the relevant insurance policy documents.

For more information about Abbreviations And Acronyms For Owner Builders, visit our website.
Table of Contents Main Site
Social Platforms
Insights
Table of Contents


Comments

Post a Comment

Popular posts from this blog

Best Owner Builder Insurance Australia

All around Australia, many people use owner builder loans to acquire a house for their family. This is one of the popular options for Aussies especially those who are trying to save money. However, others choose this because they have enough time to do a construction project while others just do this because they have the skill for building and this is also what they do for a living. Whatever their reasons are, they all need insurance for this undertaking. Regardless of who will be doing the actual works, applicants must produce insurance first for the building along with other required documents for the local city council’s approval.     Some tips for a secure deal and quality service             Check for the best mortgage companies to work with Do a research about the different insurance companies in Australia Learn extensively about their products and terms. Ask them important questions. Select your company of choice, know ...
Post a Comment
Read more

Best Owner Builder Insurance

Most of the time, if you’ve chosen the wrong company, insurance doesn’t really help or protect you against possible financial loss. This is a very important warning to you and to all Australians who are planning to get one for their building or construction project. They must be very cautious about whom to trust their money within this industry. There are many licensed builder companies around Australia but there are only  few  that are really trustworthy and truly accountable. It is advisable for you to look for a  builder through  personal  reference from people you know. As much as possible, the ones that you must ask are only those that you really trust. To be sure, it is also important to do further inquiry.    Keep in mind also that builders usually do outsource their service. This means you can never rely on their license as credibility. Many builders hire cheap alternative services from low-cost small companies that provide careless la...
Post a Comment
Read more

New Home Construction Insurance

If you need construction insurance for your new home, Allrisk Insurance would be the best kind of company for you. By providing access to our efficient approach, we help people insure the most important investments of their life. And by collaborating with the right insurance provider for your needs, we can help you get protected against any possible risks that might happen any time. Our office will always be available to help clients like you get the kind of service you deserve.  Our team is composed of insurance experts who are trained to provide consistent professional assistance to customers. Ours is not an easy facility to establish. We have worked hard for this achievement. So if you are ready to work with us, call our office now at this number – 1300 255 747 – so that we can start learning about your current financial standing and other necessary information for our initial process. After assessing you, we will then help you proceed to the next stage. Allrisk Ins...
Post a Comment
Read more