Interim Compliance Certificate and Final Builder Payment

Hi,

I am building with Mcdonald Jones in Northwest Sydney and my lender is Westpac. We will do flooring, driveway, some of electrical fitting and a few other things ourselves after the handover with our cost (the loan is only for builder's scope). We have to get the OC ourselves too.
Builder expects the final payment after practical completion and interim certificate but the lender's policy is that final payment is after the OC.
I was worried that once the builder finishes, Westpact won't release the final payment (because there is no final OC yet) so the builder won't handover to us to do flooring and etc. My broker told me that the policy for all the lender is final payment after OC but in practice they will pay the builder when they finish but no one will tell me this in writing so no need to worry. The builder also confirmed that they never had any problem with Westpac.
This seemed very strange, I was wondering if there is any need to be worried about this?

Fredii

This is one of my pet peeves, builders who make the clients get their own OC's, if the builder hasn't followed all the inspection procedures, or gotten all the certificates during the build, how are you supposed to get the OC.

I literally have some friends who recently built in Sydney with a very well known builder, and they cant move in as they cant get OC. The builder is offering them no help whatsoever.

So their brand new house is sitting vacant whilst they rent elsewhere.

I totally understand and support Westpac not wanting final payment until an OC is produced otherwise they will have a mortgage on an unsellable house.