Browse Forums Building A New House Re: Construction loan 2Jun 14, 2019 9:46 pm Audz86 Question to the builders - currently have a construction loan in progress and the bank has a final payment to make to the Builder, however, the bank will not make the payment to the builder until the final occupation certificate has been submitted, however, the builder will not submit the final occupation certificate until the payment has been made to him by the bank. Now, what is the correct process for this from a builders point of view? Hi Not sure where you’re located but I’m in Sydney and all we needed to do was provide an interim occupation certificate (IOC) from the builder and that was enough for them to release the final payment. We were able to receive the final OC once we completed landscaping, fencing, letterbox and washing line. Hth. 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 19097 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35326 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11917 |