You may have noticed the Queensland Governments new ads on TV and radio about the their new initiative called project bank accounts.
Well you may be surprised to learn that for more than 2 years, Synergy has made it a requirement for our regular builders to use project bank accounts for all its projects.
So why are project bank accounts so important?
It is because of a story that we hear all too often throughout the building and construction industry and it is not just limited too big building companies.
There are many reasons for a residential or commercial building company to collapse and creates pressure on trades, suppliers and the client, triggering a devastating domino effect of financial hardship.
Even though the QBCC requires all builders and trades to be financially healthy there is no one mechanism or search that you as a private consumer can do, that will show if your builder is financially stable.
As more and more builders and trades go under, you need to protect yourself and one of the best ways to do this is to use a Secure Transaction Account and a building contract that supports paying trades and suppliers directly.
This will ensure that your money is being spent on your project and not being used elsewhere.
By setting up your contract correctly from the beginning, your builder can focus on the job of building and not worry about overdue accounts with trades and suppliers. You then can feel safe in the knowledge that your money is being spent on your project and not going elsewhere.