Home Warranty - (Update) - Major Builder Review Criteria (NSW only) 15/07/2014
The Home Warranty Insurance Fund (HWIF), the department of the NSW government that support Home Warranty have changed the criteria to be classified as a Major Builder.
Effective from the 1st July 2014 a Major Builders is a builder that is:
- predominantly a home builder or residential alterations and additions builder with an approved eligibility turnover or annual business turnover of $15 million or above;
- a swimming pool builder with an annual business turnover of $15 million or above;
- a commercial or multi dwelling builder with an annual business turnover of $30 million or above;
In addition to the above the following criteria has been added as a major builder:
- the builder is predominantly a home builder or residential alterations and additions builder with approved eligibility of $5 million or above
- who requests an increase in turnover of 50% or more; or
- is subject to 6 monthly or 3 monthly intensive monitoring;
Annual business turnover relates to all construction works (residential and non-residential) undertaken across Australia and includes:
- the business turnover of related entities under the same management control or ownership;
- the business turnover of entities under the control of the same parent entity; and
- budgeted construction costs for jobs under project management agreements.
Major Builders are required to undergo an assessment of the entire group annual as we as completing 4 quarterly online assessments.
Major Builder Eligibility Review Fact Sheet is attached as a .pdf below.
The HWIF also reserves the right to deemed a builder as a Major Builder even if they are outside the above guidelines.
If you feel that your business qualifies or will qualify as a major builder please contact our office to discuss one of our Home Warranty experts.