Browse Forums Building A New House Re: installment payments to builder 2Dec 12, 2012 8:14 pm We built the Wisdom Majestic 40 - moved in! Our blog - http://ourwisdommajestic40.blogspot.com.au/ Our H1 thread - viewtopic.php?t=54156 Re: installment payments to builder 3Dec 12, 2012 8:40 pm SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 Re: installment payments to builder 5Dec 12, 2012 9:12 pm SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 Re: installment payments to builder 6Dec 13, 2012 8:25 am I've seen a reference made to payments being limited to 65% by the Enclosed stage so I looked it up. That limit might be the case in Vic or Qld where legislation for these payments exists, but it's not for NSW. In NSW the only limit on payments is for the deposit, which is limited to 5%. This is covered in the Home Building Act. Interestingly, but not surprisingly, the HIA is against NSW implementing regulation around the payment schedules. Their take is the absence of regulation allows flexibility between the builder and client to negotiate these numbers. They even propose raising the deposit limit to 7.5% because: Quote: These days, consumers frequently specify imported materials such as marble which builders must order and pay for in advance, at their own risk. I know we were initially planning to have a marble roof to achieve that "Colosseum look" but I didn't realise everyone was doing it! In all seriousness, NSW consumers entering into the building market should ask prospective builders for their payment schedules before they fall in love with a certain design etc. Builders that front load contract schedules (i.e 90% of contract price by Enclosed stage) should be avoided. My Build Thread: Coral Homes Noosa 279 5 6823 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… 9 20427 |