Rumor - Large Volume builder to go under

excitednewhomeowner · Dec 22, 2011 11:41 am

Hi All,

Heard on the 3AW rumor mill today that a large volume builder will be no longer in Jan 2012. Anyone else heard this or know further information?

buildingwest · Dec 22, 2011 7:36 pm

There is another thread on here from about a week ago that links to a report in the Age that NBG has been told to refinance or sell by their bank.

Is this the volume builder you heard the rumour about?

bigboyberger · Dec 22, 2011 7:45 pm

*******. better call my nbg rep and have a chat before we proceed any further

buildingwest · Dec 22, 2011 7:49 pm

What stage are you at?
Have you signed contracts yet?

humble · Dec 22, 2011 8:08 pm

bigboyberger

*******. better call my nbg rep and have a chat before we proceed any further

I would not start.. srs! :shock:

bigboyberger · Dec 22, 2011 8:11 pm

humble

bigboyberger

*******. better call my nbg rep and have a chat before we proceed any further

I would not start.. srs! :shock:

We have only put down a $500 deposit for their 'price freeze'. but I'm going to get it back as its fully refundable. not worth the risk, and surely another promo will be out if things work out for NBG.

Casa2 · Dec 22, 2011 9:48 pm

bigboyberger

humble

bigboyberger

*******. better call my nbg rep and have a chat before we proceed any further

I would not start.. srs! :shock:

We have only put down a $500 deposit for their 'price freeze'. but I'm going to get it back as its fully refundable. not worth the risk, and surely another promo will be out if things work out for NBG.

Better get it out before they go into liquidation (if that's what's happening). After that, you just become another creditor who gets so many cents in the dollar.

humble · Dec 22, 2011 9:49 pm

bigboyberger

humble

bigboyberger

*******. better call my nbg rep and have a chat before we proceed any further

I would not start.. srs! :shock:

We have only put down a $500 deposit for their 'price freeze'. but I'm going to get it back as its fully refundable. not worth the risk, and surely another promo will be out if things work out for NBG.

Wise move..

Alpal · Dec 22, 2011 11:23 pm

I would not panic yet.... They might have not been talking about NGB..
But to be on the safe side I would not donate any more money until I was sure (or they could prove) they were in a strong position financially.

The other thing about NBG is that they are the middle man - if they went under the builders would continue to build the houses. Still not a position you want to be in.

buildingwest · Dec 22, 2011 11:38 pm

Hi,

Here is the link to the age website that someone provided in the thread from last week
http://www.theage.com.au/business/squeeze-on-cash-flow-hurting-house-builders-20111212-1orkg.html

ChargerWA · Dec 23, 2011 1:51 am

Seems like a cash flow issue and not a fundamental business problem (which is surprising seeing the photos of the quality of their work in the other thread of the blokes poor mums house).

Cash flow is murder in the construction industry currently. But reading between the lines of that article I wonder if the problems aren't deeper.