Home buyback process | Resilient Homes Program
Overview of the steps involved for homeowners going through the voluntary buyback process in the Resilient Homes Program.
Buying back homes in high risk locations
The Home Buyback stream in the Resilient Homes Program involves the NSW Reconstruction Authority (RA) buying back homes in certain locations where there is a severe risk of future flood damage and a high risk to life and safety for households.
Buyback homes have been identified based on flood modelling that looks at the frequency of floods, the depth and speed of the water, and the time people have to evacuate. Properties prioritised for a Home Buyback are in locations that have a higher chance of flooding with deep, fast-flowing water, and have a shorter warning and evacuation time.
Through the Home Buyback process, homeowners receive payment for the purchase of their property (house and land). The steps involved in this process are detailed below.
Registration
Homeowner completes online application for the Resilient Homes Program. The Resilient Homes Program team review the application against eligibility and prioritisation for the Resilient Homes Program.
Welcome
The Resilient Homes Program team will contact you to provide guidance about the assessment and Home Buyback process. Our team will progressively review applications for homes in the highest risk areas and those with the most damage in the first instance.
Information Collection
Our team will ask about your property, and you will be asked to complete and sign a Homeowner Information Form and supply relevant documents. This will include:
- the details of any insurance policies and payouts you may have received or expect to receive. View the Home Buyback - Insurance considerations Fact sheet (PDF 135.28KB).
- information about your property to proceed with a valuation. If you want other people to act on your behalf or respond to our requests for information, we will also need you to provide written consent for this. View the Home Buyback - Information collection Fact sheet (PDF 238.01KB).
Valuation
An independent valuer engaged by RA will inspect the property and prepare a valuation report. The report will be reviewed by RA’s technical specialists and/or Valuation NSW. Further information is available on the Home valuation page.
Assessment
RA assesses the application including the valuation report against the Resilient Homes Program Guideline.
Offer
If your application is successful, a Letter of Offer is issued to the homeowner and discussed with a team member. If you wish to lodge an internal review or appeal in relation to the offer, you must do so within 90 days of receiving your letter. You can request an extension of time if you need it by contacting our Resilient Homes Program team. Extensions will only be granted if there are extenuating circumstances.
Please see the Responding to your offer page and the Home Buyback - Offer Fact sheet (PDF 243.8KB).
Decision
Homeowner considers the offer, seeks independent legal or accounting advice as required and decides how to proceed.
Property purchase
If you have accepted a Home Buyback offer, RA will purchase your property and ownership will be formally transferred on settlement. This is a similar process to a private house sale. View the Home Buyback - Property purchase Fact sheet (PDF 222.35KB).
For more information
- Home Buyback Fact sheet and FAQs (PDF 255.28KB)
- Home Buyback Fact sheet – Information collection (PDF 238.01KB)
- Home Buyback Fact sheet – Insurance considerations (PDF 135.28KB)
- Home Buyback Fact sheet – Property purchase (PDF 222.35KB)
- Home Buyback Fact sheet – Valuation (PDF 240.38KB)
- Home Buyback Fact sheet – Offer (PDF 243.8KB)
- Home Buyback Fact sheet Gifting a home for relocation (PDF 116.58KB)
Fact sheets and guidance
Find resources about the Resilient Homes Program in our publications and reports library
