- Developed according to the BIFOLA (Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2020) reforms. The BIFOLA reforms are supported by the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Regulation 2020 and the Building Industry Fairness (Security of Payment) (Transitional) Regulation 2020
- Secure payment for work
- Increase speed and accuracy of payment.
Benefits and features
Manage the risk of changing income
Easy electronic access to your account
Get the most from your account
- Two trust accounts, one account for general and retention funds
- No account keeping fees
- Dedicated sales and servicing team to assist you with account establishment.
To be eligible for the NAB Project Trust Account and Retention Trust Account you must confirm you are:
- A party to a building contract or subcontract in relation to certain building projects in Queensland
- Required to open certain accounts for the purpose of a building project subject to the operation of the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2020.
More information on the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2020 is available on the website of the Department of Housing and Public Works.
NAB recommends you consider the Product Disclosure Statement or other disclosure statement, available from NAB, before making any decisions regarding these products. Please request a copy from your NAB Relationship Manager.
The Target Market Determination for this product is available at nab.com.au/TMD.
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