MBA Fidelity Fund

I have heard a lot about the Master Builders Fidelity Fund and want to know more about this to know complete details. Will you tell me what package includes amendments to the Building Act here also please provide me this corporation complete contact details?

[Kiran Chandar]

The Master Builders Fidelity Fund was set up as one part of a major package of reforms for the residential builder sector introduced by the Northern Territory Government at the beginning of 2013.

The package, which includes amendments to the Building Act:

Ensures builders have the capacity and experience to build your home
Introduces Fidelity Fund Certificates for all new homes and extensions that provide
Cover of up to $200,000 if your builder goes bankrupt, dies, loses registration or disappears
Cover for structural defects for six years and non-structural defects for one year
limits deposits to 5%
Stipulates that progress payments are made only on completion of work
Provides a dispute resolution process through Consumer Affairs
Requires builders to maintain assets of $50,000 at all times

Progress payments:

The new building regulations set the following progress payments:

Maximum 5% deposit
10% base stage
20% frame stage
25% enclosed/lock up stage
30% fixing stage
7% practical completion
3% final payment after issue of occupancy permit or builder’s declaration

Contact:

Master Builders Fidelity Fund
Phone: 08 8922 9680
Email: info@fidelityfundnt.com.au
Address: 11/396 Stuart Highway, Winnellie. 0820
PO Box 37121, Winnellie. NT. 0821