The licensing scheme has been designed so that people with no development experience or who are small-scale property developers, are able to apply for and obtain a property developer licence. As with other licence applicants, they will need to obtain a rating report from an approved rating entity. The only approved rating entity is Equifax Australasia, who will use their iCIRT product to provide a rating.
Applicants will need to submit their rating report and other required documentation, including suitable person declarations, as part of their application for a licence. The ACT Government requires applicants to provide a standard assessment to support a property developer licence application.
The iCIRT rating tool is flexible and can provide a rating report on people with no development experience or who are small-scale property developers.
Prospective applicants for an iCIRT rating report are encouraged to contact Equifax and discuss their situation. Equifax staff will be able explain the process of obtaining an iCIRT report and answer any questions. For applicants with no property development experience, such as a landowner where another entity is arranging the development, or a licenced builder that is building their first townhouse development, Equifax may request information about the people or entities they are planning on partnering or engaging to deliver a project. These people are called counterparties, and part of an iCIRT assessment involves looking at the history of these people to inform the rating report.
The ACT Government will then assess the licence application, and if a licence is granted it may be conditioned to reduce the scope of activities that the licence holder may conduct.
