developers of residential apartment buildings over three storeys high must lodge a developer bond equal to 2% of the total build cost before applying for an occupancy permit, acting as financial security for defect rectification.

the Building and Plumbing Commission (BPC)—superseding and consolidating the Victorian Building Authority (VBA), Victorian Managed Insurance Authority (VMIA), and Domestic Building Dispute Resolution Victoria (DBDRV)—will become the unified regulator for building and plumbing matters.

the BPC will have expanded powers to issue rectification orders for defective, incomplete, or non-compliant building work, which can be enforced for up to 10 years after building completion.

occupancy permits, subdivision registrations, and off-the-plan settlements can be blocked until serious defects identified through inspection are rectified.

a “first resort” domestic building insurance scheme will be established, allowing homebuyers to claim for defects as soon as they are identified—without requiring builder disappearance, death, or insolvency

minimum financial requirements for builder registration will be introduced, giving regulators the power to suspend or cancel registrations for non-compliance.

off-the-plan purchasers may rescind contracts (and reclaim deposits with penalty interest) if the required developer bond hasn’t been lodged by the developer.

buyers and owners corporations will have scheduled inspections at 15–18 months and 21–24 months post-occupancy, with access to the bond to remedy defects flagged during these inspections.