Browse Forums Building A New House Re: Bank Loan issue with Carlise Homes New Payment Schedule 6Feb 20, 2018 7:21 pm I would not risk signing for 50 per cent at frame stage as leaves you very vulnerable if they fold. The percentage should reflect the work done and leave u enough money to complete build if u have to take it to another builder. It is your protection. Re: Bank Loan issue with Carlise Homes New Payment Schedule 7Jul 21, 2018 12:17 am asheeshjoshi Has anyone in this forum faced an issue with Bank Loan approvals for new Carlise Homes Contract payment schedule ? I will really appreciate if experts in this forum can guide me and ex-clients who have recently built with Carlisle Homes can help me out here by providing information if they faced similar issues on their loan applications. Here is CH homes latest payment schedule as per their new HIA contract that I signed in Dec 2017..... Deposit 5% Base 15% Frame 30% Lockup 19% Fixing 21% Completion 10% As per Banks like ANZ and SunCorp, the above Carlise Home's payment schedule differs from Standard HIA contract Act of 1995.... Deposit 5% Base 10% Frame 15% Lockup 35% Fixing 20% Completion 15% These two banks are stating to me that the new HIA Carlisle Contract requires 50% payment by Frame Stage alone which is 20% more than Standard HIA contracts act of 1995. Carlise has written to the Banks saying the HIA payment Act is 12 years old now and does not take into account new changes. So far I have not received any confirmation from these Banks that my loan will get approved. Both Banks are asking me to request Carlise Homes to change their payment schedules. [ Note: I have applied for 84% loan ] So is these correct method of HIA contract ??? Deposit 5% Base 10% Frame 15% Lockup 35% Fixing 20% Completion 15% ???? How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11933 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19112 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 11876 |