How much contingency buffer should I include in a new home build budget?

There is no official or single right figure. How much you need depends on how complete your design is, how firm your quotes are, and how much is unknown about the site. A project with a finished design and firm quotes carries less uncertainty than one with unresolved design, unknown soil, or allowances still to be priced. A quantity surveyor, your lender and an experienced builder can help you set a figure for your project. Review the contingency against actual costs often, and do not spend it on upgrades.

In MyBuildHub: hold your contingency as its own budget line, and track how much has been used as variations and unexpected costs are recorded.

Check yourself: a quantity surveyor, your lender, and an independent financial adviser or accountant.

General information only. It is not financial, tax, insurance or legal advice and may not apply to your project. Speak to your lender, accountant, insurer or a lawyer, and confirm requirements with your state regulator.