Browse Forums General Discussion 1 Mar 15, 2010 8:21 pm We are with one of the big 4 banks & are finding their turnover time for our first progress payment incredibly slow! We have payed the first 3 payments ourselves & are getting quite annoyed at the time this payment is taking ( along with our builder!). The bank has had our progress payment for 7 working days now & still no sign of the money We were told in would take 3 working days & yet every time we ask for an explanation we are passed along to yet another somebody who can not tell us anymore than we already no! Has anyone else had this trouble? Where & what do we do from here??
Re: Trouble with slow progress payments 2Mar 15, 2010 8:54 pm Contact the bank's customer relations department first thing tomorrow and lodge a formal complaint. Be sure to mention that if your payment isn't made by the next working day, you'll be contacting the banking ombudsman. It's like a magic password. Re: Trouble with slow progress payments 3Mar 15, 2010 8:56 pm Ditto what kek said Best of luck. viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Trouble with slow progress payments 4Mar 15, 2010 9:02 pm Thanks for the advice, let me tell you that they will be getting a visit first thing tomorrow morning & we will see how things progress from there. I think we have been a little green & put too much trust into our local banking staff, be sure this wont happen in the future! I guess if all else fails I will have to bring out the big guns & mention the banking ombudsman Re: Trouble with slow progress payments * Update 5Mar 19, 2010 10:57 am Well just wanted to post an update.... Our bank after much pushing & prodding were still pathetic when getting our progress payment processed. I followed the advise above with no luck by now i am literally pulling my hair out. This all started on Tues 9th March & payment was only made yesterday 18th March I put in a formal complaint on Wed 17th & was told it was now priority, although this still took from Wed 8am to Thurs 11.30 Has anyone else been treated like this or are we a one off? My concern that I have voiced in our complaint to them is will this happen with the next lot pf progress payments??? I'm assured not but my confidence is at an all time low..... So far building has been a dream except for the bank Re: Trouble with slow progress payments * Update 6Mar 19, 2010 11:56 am Are you with ANZ? we were in the same boat, our last two progress payments have been quite slow. Now what im finding I need to do is send through the instruction sheet that morning, ring to confirm they have got it that afternoon. Wait their three days, if payment hasnt been made call back up and then they will make it a priority. Last progress payment I waited the 7 days before I called and made it a "priority" - but now I know they can make them priority after 3 days that is what I will do. Re: Trouble with slow progress payments * Update 7Mar 19, 2010 2:17 pm So fustrating isn't it. We paid our first instalment ourselves, and half the second payment. I put through the request for the payment and the loan didn't show as settled for a week. I called them to say I would be charged interest if it wasn't paid by the next day, and they said it was going though either the next day (a friday) or worst case, Monday. Monday came and it still hadn't gone through, so i called again, this time only to be told that they were waiting on a site inspection which wasn't due for a few more days, and that any interest I get charged from the builder was my problem not theirs!!! So a few days later come and they finally pay the builder... BUT short by 9K and then tell the builder we need to pay that... WTF!! I call and they say they are looking into it as the payment was different to the contract they held. I told them they must of been looking at the original contract, which was different, but if they look, they should have the new contract, which is what the valuation was done on, and the payments are the same. Ahhh, yes, they were looking at the wrong paperwork!! So then they pay the difference... BUT... they short pay it by another 1100! They then tell me that they miscalculated our customer contribution, and we need to pay it ourselves. I told them that this is no good, how can a bank such as themselves can't get their figures correct to start with. I told them their service had been crap, and I was over it and was refinancing as soon as the build was finished. We had put every bit of our savings into this house (quite a bit too) due to a short fall in the variation, and where was I suppose to find $1100 from to pay the builder when they needed it last week. They actually agreed their service had been crap, and credited my account the 1100 so I could pay the builder. So my builder received one progress payment in 4 bits!! Such crap service from these banks! Re: Trouble with slow progress payments * Update 8Mar 19, 2010 2:59 pm Ms Builder yes we are with ANZ would love to say that we will be refinancing but we are only into the 3rd progress payment. Up till now we have been able to finance the build ourselves if only we didnt have to go to the bank for the remainder Sad to hear that we are not a one off & that ANZ has got another mention. We pay enough in fees to expect some decent service. On the up side I now know to give it 3 days then ring & get it put as priority, although they assure me that now on our file it says we should only have 2 days processing due to their big stuff up this time around! I guess time will tell. By the way we are not looking forward to the inspection payment god only knows how long that will take Re: Trouble with slow progress payments * Update 9Mar 20, 2010 7:35 pm I think builders have huge mark ups on water tanks and associated plumbing. A 28,000 L tank costs in the vicinity of $3000 to put it in perspective. For more prices see: http://www.kingstonwatertanks.com.au/sh ... ks.78.html and http://www.enviro-friendly.com/tankmast ... tml#30000T Other sites that I have bookmarked include: http://www.ourwater.vic.gov.au/saving/h ... ater/tanks http://www.bushrangerwatertanks.com.au/pro5.htm http://www.enviro-friendly.com/nylex-water-tanks.shtml Pfiff Finally making progress again, with a clothesline (yippee) and some much needed little things being attended to over the holidays. 40 C on New Year's eve? We love our a/c! Re: Trouble with slow progress payments * Update 10Mar 23, 2010 1:46 pm I havent had any other issues with ANZ apart from this, so I wouldnt refinance over this. I have just now learnt how to get things done with them They really should be putting on more staff to cope with it if they arent coping at the moment though. I am also not looking forward to the final payment! I do not want a hold up especially on their account lol. I think I will be requesting an inspection and valuation maybe a bit before its due so I can take into account the delays. I think we have two more progress payments left, so I might see how they go first. Re: Trouble with slow progress payments * Update 11Mar 24, 2010 6:22 am Ms Builder Are you with ANZ? we were in the same boat, our last two progress payments have been quite slow. Now what im finding I need to do is send through the instruction sheet that morning, ring to confirm they have got it that afternoon. Wait their three days, if payment hasnt been made call back up and then they will make it a priority. Last progress payment I waited the 7 days before I called and made it a "priority" - but now I know they can make them priority after 3 days that is what I will do. I agree with this as we did the same. Make sure that as soon as you have a request for a progress payment to be made, send the signed instruction sheet through immediately. Ring to confirm receipt and it should take 3 days to finalise. Our first two were a nightmare but the rest have been no problem since we did the above. Re: Trouble with slow progress payments 12Mar 24, 2010 8:33 am trenomi Thanks for the advice, let me tell you that they will be getting a visit first thing tomorrow morning & we will see how things progress from there. I think we have been a little green & put too much trust into our local banking staff, be sure this wont happen in the future! I guess if all else fails I will have to bring out the big guns & mention the banking ombudsman I'm sorry you're still having problems - building is frustrating enough without your bank adding to the stress. One thing to keep in mind though - it's not usualy the local branch staff who are causing the problems. Although I can't speak for the ANZ personally, I'm pretty sure the banks all have similar processes. The branch staff are the ones who bear the brunt of all the disgruntled customers' anger and frustration...but loan approvals and progress payments are usually done by a centralised processing area, staffed by people who never actually deal with a customer. Consequently, there's no incentive for them to provide a decent service, because there are no repercussions if they dont. So we're ranting and yelling at the staff in the branch, and half the time, they can't even contact anyone directly at the processing centre. They have to deal with them via email or fax and wait for a response. And wait.... and wait.... and wait.... It leaves you stuck between a rock and a hard place, because you know it's not their fault and that they're probably doing their best, but you're still getting crap service. After working 20 years in the industry (but thankfully having been out of it for 10 now), I understand exactly how they work - although I'm disgusted by the decline in service. I also have a number of friends in branches who will pull extra strings for me, yet we still had issues with our final progress payment. I had to lodge a formal complaint, threaten to go to the ombudsman, and then have a meltdown in the local branch on the day, before I got my cheque as promised for handover. And I had my best friend as well as the loan manager from our branch working behind the scenes for me. It should NOT be this hard. We would have walked and taken our business elsewhere, but unfortunately, they're all the same. 5 6812 8 6138 |