Have you read up on Homebond ? Basically it covers you for serious structural problems that arise within the first 10 years of the property being built. However it is only of use in extreme cases and where the original developer can or will not rectify them. It is not a substitute for more general home buildings insurance which you will also need and which the mortgage lender will insist on. There is no explicit cost to the buyer for Homebond but presumably the cost is subsumed by the seller/developer into the overall selling price for the property.