Copy of Bank Docs to Builder
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I must admit I found this request a bit odd, I believe its private & confidential info, I was also told that it is a requirement in the contract (which it is, after checking) and dont understand why a letter from the bank advising them that we have finance approved and an amount on there does not suffice.
Just curious if anyone else has been asked to give this info.
Many thanks
Our broker did the same thing as carlswils. Do you have fixed sites costs as apart of your building contract? Or have they given you an estimated cost?
My builder (PD) ask me to proof the short fall (Contract amount - approved loan amount). which mean i have to give a copy of my bank acount details. has anyone done this? a bit odd for me...
Hi Mervyn
This is normal, the builder needs to see that you have the rest of the funds to complete the build
No business run by sane people is going to just take your word for it that you have the ability to pay; they need proof. It's been this way forever, certainly was in the early 80s when I worked in lending. The builders who don't check are the strange ones.
No fixed site costs, we were only just given a final price for site costs after final site/soil etc, with another provision of 6k for rock removal etc, how much do you want to bet that they will use all of this 6k.
i understand the cynicism as we had similar provisions in our contract.
though a few weeks after slab was down they had the final figures and did the balancing adjustment, there was a substantial crediting back of the provisions, except rock at that stage, as there were still a few things to do
No fixed site costs, we were only just given a final price for site costs after final site/soil etc, with another provision of 6k for rock removal etc, how much do you want to bet that they will use all of this 6k.
i understand the cynicism as we had similar provisions in our contract.
though a few weeks after slab was down they had the final figures and did the balancing adjustment, there was a substantial crediting back of the provisions, except rock at that stage, as there were still a few things to do
and i forgot to add,
when they did hit rock i got a call and was given the option to go out there, the drainers gave me the dimensions and copy of the plans with rock, shale and measurements all marked, from the provision per cubic metre which they set out in the contract, the rock expense was pretty much spot on
We also needed a letter from our conveyer that proved settlement on our land, before they would step foot onsite.
We are building with a small family builder.
Just protecting themselves really.
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How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan?
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Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out…