Browse Forums Building A New House 1 Jun 07, 2021 4:48 pm hello, i am starting a new build with metricon. the HIA contract was initially signed and I have come upto a 50k of variations on top of the initial contract. The bank had approved my loan on the initial contract. So I am planning to spend the variations out of pocket. My question is that Metricon is going to ask payments in stages 5%, 20%, 20%, 25%, 20%, 10%. Can I plan to send the variations in these stages too ? (i understand that this is a question for my lender, and i am planning to ask them). I wanted to check if anyone had paid variations in stages. The reason for the ask, is I understand the lender would want to exhaust my cash before they pay. And I agree to do this for the original contract and not for the variations. Any comments ? Re: new home build - variations out of pocket 2Jun 07, 2021 5:50 pm All of my variations stated which stage they had to be paid in. Most were in the fixing stage, but a couple were at the slab stage. Check the variation document and see if it states anything. Re: new home build - variations out of pocket 3Jun 08, 2021 11:39 am The HIA contract states that a variation "...must be paid for with the next progress payment, except that any credit to the Owner will be deducted from the Final Payment." Re: new home build - variations out of pocket 4Jun 09, 2021 12:12 pm Spazzen All of my variations stated which stage they had to be paid in. Most were in the fixing stage, but a couple were at the slab stage. Check the variation document and see if it states anything. thank you. Re: new home build - variations out of pocket 5Jun 09, 2021 12:13 pm Wolfgang Cash The HIA contract states that a variation "...must be paid for with the next progress payment, except that any credit to the Owner will be deducted from the Final Payment." thank you. Any advice on a builder in NSW who is demanding an extra 22000k after the house is completed and contract paid in full .Standard HIA contract. Never received a variation.… 0 20515 I can help you with all that, you can PM me with details if you wish 3 5838 It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8505 |