Homebond Certificate

Hundzer

Homebond Cetificate
Hi
Contemplating a new house purchase.
Builder went bust and is selling house in a completed state.
I have discovered that the vendor will only offer ~ 2 years Homebond.

It would seem unlikely that the Lenders would offer me the loan.

Questions:
Is it not compulsory to have a Homebond?
Any general advice?

THANKS

muffler

Hi, first of all it is not compulsory to have the house registered with Homebond however it may help at times when applying for a mortgage.

Secondly I cant understand how the vendor/builder can offer a 2 year guarantee only with Homebond. It doesnt work that way. Perhaps you should contact them directly about this.

dlambirl

as muffler said its not compulsory to have homebond but i though homebond was a straight 10 year guarentee - i didnt think you could pick and choose the number of years that homebond covered.

Maybe the house is covered by the builder (not homebond at all) for structural defects for 2 years after you sign the contract??

Slig

dlambirl wrote: »

as muffler said its not compulsory to have homebond but i though homebond was a straight 10 year guarentee - i didnt think you could pick and choose the number of years that homebond covered.

Maybe the house is covered by the builder (not homebond at all) for structural defects for 2 years after you sign the contract??

I agree, A 2 year guarantee sounds like the builders structural indemnity insurance to me. To be honest I dont think 2 years is really enough time for any potentially major problems to be identified and fixed.

dlambirl

Slig wrote: »

I agree, A 2 year guarantee sounds like the builders structural indemnity insurance to me. To be honest I dont think 2 years is really enough time for any potentially major problems to be identified and fixed.

Either do i..