Browse Forums Building A New House 1 Oct 29, 2014 5:06 pm Hi all, Just wondering if it is 'normal' for banks to be slow for the final payment. My bank is telling me I can't expect the bank cheque until next friday even though I send them through my invoices yesterday Does anyone what what time it usually takes? Or are some banks just slower than others Thanks Re: Bank final payment delay 2Oct 29, 2014 5:40 pm They told us 8-10 days after the final invoice was received, it was ready in less than 3. I sent the final paperwork through on a Monday night, valuation was ordered on Tuesday morning, valuer made contact with our SS on Tuesday afternoon, walked through Wednesday morning. We had a text to say the cheque was ready for collection in the early hours of Thursday morning... It came through to both my husband and I at 3am. We picked it up Thursday (once the bank actually opened!) This was Anz. They just gave a blown out timeframe to allow for hold ups and for people not to rely on a few days, but It can be done. Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Bank final payment delay 3Oct 30, 2014 10:55 am Was the bank doing their own inspection? Some banks will inspect (aka drive-by) the property to make sure it is actually completed. This can take a few days. Otherwise they normally pad their expected times, so that if they are slow, it won't break any promised dates to clients. My Noosa 23 Build - viewtopic.php?f=31&t=72782 Bank final payment delay 4Oct 30, 2014 8:30 pm Bank will generally take up to 10 days if not more for the final payment because they will send a valuer out to do the final valuation and make sure their bum is covered as far as capital. They don't want you to sign up for a mansion and you only build a shack and pocket the extra cash. Re: Bank final payment delay 5Oct 30, 2014 8:58 pm deluxes They told us 8-10 days after the final invoice was received, it was ready in less than 3. I sent the final paperwork through on a Monday night, valuation was ordered on Tuesday morning, valuer made contact with our SS on Tuesday afternoon, walked through Wednesday morning. We had a text to say the cheque was ready for collection in the early hours of Thursday morning... It came through to both my husband and I at 3am. We picked it up Thursday (once the bank actually opened!) This was Anz. They just gave a blown out timeframe to allow for hold ups and for people not to rely on a few days, but It can be done. ANZ processed ours in the same timeframe too. Re: Bank final payment delay 6Nov 07, 2014 12:24 am Thanks for your help everyone. Commonwealth ended up getting there act together and got my bank cheque sorted in time 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 11885 Hi, My home construction is complete, and the handover is scheduled next week. However the construction has been delayed and I have raised this to the builder. The… 0 5331 1 7964 |