Proposed new deposit and progress payment requirements for home building contracts
Victoria is consulting on draft regulations for new deposit and progress payment rules for home building contracts. A regulatory impact statement has been released as part of the process.
How will Victoria's new deposit and progress payment rules change my home building contracts?
Builders and contractors in Victoria will need to review how they structure payment terms and deposits in residential contracts. Changes could affect cash flow management day-to-day.
Key takeaways
- Victoria is consulting on new rules for deposits and progress payments in home building contracts.
- A regulatory impact statement has been released alongside the draft regulations.
- Builders should review the proposed changes and consider submitting feedback during consultation.
- New rules could affect how residential contractors structure and collect payments.
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