Browse Forums Building A New House 1 Apr 28, 2009 9:22 am Hi, I'm wondering if anybody has had their final progress payment rejected by the bank due to final inspection and the reasons why. I'm just a bit concern if there can be some reasons that the bank delay the payment and affect my handover. Thanks. Re: Has anybody fail the bank inspection for final payment? 2Apr 28, 2009 10:04 am I would be very intersted to hear of any experiences with this aswell. Why would the bank refuse final payment.? Dont they just normally check the house against the contract to ensure everything in there has been completed? Living in Caloundra Thread****** Lovin my house all finished!!! Now tackling the HUGE task of the Garden- viewtopic.php?f=31&t=14782 Re: Has anybody fail the bank inspection for final payment? 3Apr 28, 2009 10:22 am We have just had our final inspection. The bank rang me 2 days later (this is first contact I have had with them, without going through the broker). She said she is very happy with the home, and it valued up, even though it isnt finished (no flyscreens, a few painting issues, we were in the middle of tiling the main floors, site and house not clean etc..), and that she is happy to hand over the cheque or deposit money to builders account immediately. I took the cheque, so we can decide when to hand over the payment (once everything is complete). Handover is 8am this Friday .. woohooo!! It seems they arent too worried about the value.. its more just to make sure what you planned to build, has happened.. Unless you left out some major items, I dont think there would be any issues. -Sha Re: Has anybody fail the bank inspection for final payment? 5Apr 29, 2009 12:02 am Yep I am also under the impression that the final inspection that the bank does is just to make sure that what was in the contract was actually done. So unless the builder has dodged you on items which you have signed up for in the contract, there would be no reason to stress about the rejection. Stress on happens when the bank does the first evaluation to see how much your house is worth and how much they are willing to lend you. Good luck with your upcoming handover. Idiots are fun, that's why there is one in every village! - Dr. House - Re: Has anybody fail the bank inspection for final payment? 6Apr 30, 2009 9:04 am smallOne Congratulations Sha! which bank is that? I am also pushing for a handover this Friday, hopefully the bank makes it as well. Yes .. which bank! lol CBA.. Good luck with your handover! We went to our house yesterday and its all beautiful and clean ready for tomorrow -Sha Re: Has anybody fail the bank inspection for final payment? 7May 01, 2009 8:19 pm Congratulations Sha That's a great outcome Re: Has anybody fail the bank inspection for final payment? 9May 03, 2009 11:00 pm hI fOCUS06, I'm with Colonial. This is my first house and I was just concerned if there has been cases where people were rejected of payment. Thanks all. The bank seemed to be quite good. They did not take what my agent said they would, 2-3 weeks. I told them the handover date and they escalated the inspection to high priority. I got my payment on time. Re: Has anybody fail the bank inspection for final payment? 10May 06, 2009 4:33 am Quote: I'm with Colonial. This is my first house and I was just concerned if there has been cases where people were rejected of payment we had the opposite experience with them. they paid up (didnt get the option of a cheque) even tho we dont have a house. Full payment was made to the builder over a month age, so now we are at their mercy of when they can be bothered to finish our house. Re: Has anybody fail the bank inspection for final payment? 11May 06, 2009 10:30 am I just have one done.. Called the bank on Friday and gave them my SS number, so that they can orgnise the time for inspection Received a call from the bank yesterday morning, and a cheque is already.. so quick.. When i asked if everything ok, the guy just said that there are still a few things being worked on, but no issue of approving the final payment. just assure me that not to handover the cheque until everything is done.. Fantastic!! Blog - http://clageonewhouse.blogspot.com/ Building Thread - viewtopic.php?f=31&t=10886&hilit=milan I am in, with my husband and my beautiful bunny regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it… 4 11869 i would suggest nothing is unreasonable for PCI. we did all sorts, including checking the hot water, checking all the GPO's had power, testing that the showers were… 9 98688 The significant date is when receive final payment invoice Check that section of contract Bit of fluff by builders prior to that 1 15951 |