Browse Forums General Discussion Re: Pay with cash? 4Feb 23, 2010 9:25 pm Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Pay with cash? 7Feb 23, 2010 9:44 pm ____________________________ Bec ____________________________ Building our Balinese Resort Inspired Dream Home Blog ~ http://hagarshouse.blogspot.com/ Re: Pay with cash? 9Feb 24, 2010 9:26 am Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Pay with cash? 13Feb 24, 2010 1:29 pm ____________________________ Bec ____________________________ Building our Balinese Resort Inspired Dream Home Blog ~ http://hagarshouse.blogspot.com/ Re: Pay with cash? 14Feb 24, 2010 1:40 pm Some people don't have time to do the job right the first time, but seem to have plenty of time to fix their mistakes. Build Thread Re: Pay with cash? 17Feb 24, 2010 6:19 pm Hi, Its the builder again. You can pay cash and if the builder does not put it on his records and the ATO go after him I can not see how they can go after you. You paid him a certain amount and he gave you an invoice. End of story. It's like any payment if someone does not want to declare it that is there problem and has nothing to do with you. They might just ring and ask if you paid him but that would be about it. He will only give you a discount if he is not going to put in on his books or declare only a small portion. I said to make small payments because if you give him a deposit and a large payment at stage 1 then something unpleasant happens you could lose a bit of money. Good luck Re: Pay with cash? 18Feb 24, 2010 8:34 pm What about the scenario where the builder wants proof of funds? They will want a guarantee that once you have entered into a contract with them, that you use the money for the build, not going to use the funds for buying nice cars and boats. With a mortgage and lender involved, the bank approves x amount, and then draws the progress payments. If you have cash, and the builder wants proof of funds, I suppose you could give them a copy of a bank statement, but their is still no guarantee that those funds are released/spent in another way. Still not in. Don't ask!? Re: Pay with cash? 19Feb 24, 2010 9:11 pm bel What about the scenario where the builder wants proof of funds? They will want a guarantee that once you have entered into a contract with them, that you use the money for the build, not going to use the funds for buying nice cars and boats. With a mortgage and lender involved, the bank approves x amount, and then draws the progress payments. If you have cash, and the builder wants proof of funds, I suppose you could give them a copy of a bank statement, but their is still no guarantee that those funds are released/spent in another way. I guess this varies from builder to builder. Ours asked for a statement that our finances "were in order". So I sent them a letter saying I had made appropriate financial arrangements to meet the progress payments as they became due. They accepted this and didn't ask for anything more. Re: Pay with cash? 20Feb 24, 2010 9:45 pm Wow, some interesting debate has been going on today. Basically like I said I will not ask for a discount and want receipts for everything. We were thinking that we would not go owner builder as we want to know exactly how much $$$$ we will be up for before we start. We have set ourselves a budget that we dont want to go over. makoby couldnt help but say I AM SO BLOODY JEALOUS OF YOU!!! I couldnt think of anything better than no mortgage! WOW...thats awesome and I wish it were me Yes as I said we are fortunate to be in this position, but if you knew the circumstances you wouldnt be as jealous. Richo It would be priceless to see the expression on the sales consultant's face at a major builder when you ask "how much for cash?" It may be achieveable to get a discount with a smaller private builder, but I don't think the big players would offer you much. We have mentioned that we could pay with cash to one builder and it was priceless. I had to pick his jaw up off the floor. Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20551 |