Browse Forums Home Finance 1 Aug 12, 2009 6:28 pm Hi Guy's just wondering if anyone knows how long the CBA are taking to process the progress payments at the moment? I got an invoice for slab stage on Monday the 3rd and faxed it to the cba on Tuesday the 4th around 1.00pm and the still haven't processed it and now yesterday I received another letter from the builder stating I'm running the risk of being charged 15% interest if it's not paid by the 17th. I rang the bank to explain and all they did was say they will put a note on my file.(whats with that)https://forum.homeone.com.au/posting.php?mode=post&f=9&sid=ddfe537fffbaf57d92aa8c972655ff09# Building with DFH Re: CBA progress payment processing time? 2Aug 12, 2009 7:25 pm Ours have usually taken around 7-10 days. Get on the phone to them and tell them about the interest. When this happened to me they seemed very blazay about me being charged interest but I pushed them and they got it through. It has to go to head office and that's what takes the time. Do you have a regular contact person? I do and I only speak to her. Re: CBA progress payment processing time? 3Aug 13, 2009 8:54 am Our first with CBA was 5 days, and the last one was only 3 days, i think its luck of the draw on how many outstanding requests they have when they get them in Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: CBA progress payment processing time? 4Aug 13, 2009 2:23 pm If there is no outstanding conditions (such as a condition preventing the drawing of the First Home Owners Grant), they are pretty quick. Re: CBA progress payment processing time? 5Aug 13, 2009 5:00 pm I am with CBA and I fax the progress payment through and it seems to be paid in 2-3 days. A few days later I get a letter confirming it Re: CBA progress payment processing time? 8Aug 21, 2009 3:17 pm i worked for em for 10 years, it depends who is in the loans dept at the area office. when i was building it was easy to chase up, but normally only supose to take 5 days. Tell them if they don't they will be charge the interest you are, they will make sure it is done then!! Re: CBA progress payment processing time? 9Sep 01, 2009 12:21 pm Spose this is what I have to look forward to ! I tell you though... I wasn't feeling positive about the progress payments. It took CBA 1 full month to go from application to unconditional approval. Its then taking them another 3 weeks to make the initial progress payment to our builder. They have sent correspondance out to an incorrect address, they have some random guys name on our account as a broker - who on earth is Gary !!. They sent 2 letters on the same day telling us of 2 different amounts we needed to pay as contributions. They keep losing paperwork that is faxed through to them. We call them, explain it - and they cant work it out. Never had such incompetency in my life! Are all banks like this or have we just had a bad run ? Re: CBA progress payment processing time? 10Sep 01, 2009 12:40 pm CBA have only just now paid my first TWO drawdowns, the first one was paid 43 days after I faxed invoice through and the second one was 34 days overdue, not real quick in my terms, they are now being billed with the interest charges, that the builder has charged me. Pfffttt to banks! Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: CBA progress payment processing time? 11Sep 01, 2009 2:32 pm we are up to our 3rd invoice and this one only took 4 days to be paid.... the first 2 however took 3 weeks and were paid at the same time... http://buildingatfreeling.blogspot.com/ Building at Freeling Estate Adelaide MKII WE ARE NOW OFFICIALLY FIRST HOME OWNERS AND WE BUILT A NEW HOME FROM SCRATCH 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 11867 There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for… 3 6682 1) I had requested R6 ceiling insualtion batts, however I noticed that on some areas there are huge gaps which will allow hot air to sweep in, and also noticed black/grey… 0 3596 |