My building contract demands progress payments in following order 5%, 20%, 20%, 25%, 20% 10% for deposit, base, frame, lock-up, fixing & completion stages respectively.
However both HIA & relevant legislation (section 40 of Domestic Building Contract Act 1995) clearly recommend progress payments in following order 5%, 10%, 15%, 35%, 25%, 10%
(Mainly to prevent builders skimming profits very early in the project and let the latter part of the project run at a very slow phase)
Just want to ask from you guys what progress payments percentages you paid/paying/who's your builder, so that I could negotiate the industry standard rate with my builder.
PS: I’m building 29squr standard single storey house with O*bit H*mes in Victoria.