Browse Forums Building A New House 1 Nov 01, 2020 10:06 pm Hi all, Just wondering how people went with doing some items after handover and how that affected their final payment from their bank. Westpac has a turn key loan meaning they won’t pay the final draw down payment until the house is turn key. However, we are doing the main flooring externally as the builder markup for timber floors was huge. We also are doing painting and curtains after handover. Our builder is incredibly reluctant to let our tradies come in to complete the floors as they don’t want issues with responsibility of damage. Has anyone had issues with their final payments from the bank because they haven’t considered your house finished or ‘turn key’? Did your builder let you in to complete these items before handing over the keys? Thanks! Re: Items after handover- issues with bank? 2Nov 04, 2020 5:02 pm Hi Kelsey, as long as all the criteria is met in the finance plans (Build contract) in which they agreed to lend against, then you should be fine. As previously discussed we are also building in Kalamunda and choosing to do a lot of flooring, painting and other costs imposed by the shire post handover (which i must say has increased the build cost substantially). All items by owner are mentioned in the build contract presented to lender. Regards Richard Re: Items after handover- issues with bank? 3Nov 05, 2020 8:36 pm Very unusual to see Westpac offer that type of loan, was the flooring and painting in the original price and you took it out to get the price down? If the loan was completed with the proviso that these would be completed then yes I think you will have a problem, the bank always inspect before the final claim is released. We don't allow clients to do anything themselves before handover the biggest problem is the builder can't insure for owner supplied products or products that are supplied and installed. Being a timber floor the cost could be quite significant so the builder doesn't want that risk, its also a risk on you The significant date is when receive final payment invoice Check that section of contract Bit of fluff by builders prior to that 1 15914 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 The best advice is for you to get a competent building consultant to guide you through your build 7 4671 |