Browse Forums Home Finance 1 Apr 09, 2009 9:25 pm Hi all, I have an urgent question regarding house insurance as I think my house will be ready soon. I am told that CBA would require insurance certificate before they would make the final payment. I think builder's insurance expired with the issuance of Certificate of Occupancy. 1. If I apply the insurance over the internet, do I get an instant approval and can I use the online confirmation to organise the last payment from the bank or does the bank only accepts the insurance certificate? 2. If the builder's insurance has not expired, can I use that? My guess is that when I receive the final invoice from my builder, I can inform the bank to kick off their inspection which may take 1-2 weeks. During this period, I can still get my insurance and it will be ready when they finish their inspection. Am I thinking right? Thanks for all your help. Re: Urgent question - Home insurance required for last payment? 2Apr 10, 2009 7:30 pm i had the same thing I had to have a paid insurance cerficate for the final payment.The bank would not even take the insurance if it was paid monthly itbhad to paid for the whole year finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Re: Urgent question - Home insurance required for last payment? 3Apr 13, 2009 1:01 am I also have my home loan with CBA and got the insurance from them as well. I have taken the Wealth Package and this gives me discounts on insurance taken from CBA. I'll be paying my insurance premiums monthly. Why not ask for a quote from CBA and tell them that you're going to pay the premiums on a monthly basis. Re: Urgent question - Home insurance required for last payment? 4Apr 13, 2009 11:27 am yes we too have the weath package finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4748 Hi, For those whose builder has gone into liquidation. I am trying to find out how the house is insured in the meantime (for the period before you employ a new… 0 2804 Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2714 |