Browse Forums Home Finance 1 Sep 13, 2010 9:24 pm My house is done, and I am awaiting my final draw down from ANZ so I can be handed over the home. I understand the bank must do a couple of extra things for this final draw down, such as a valuation. Any ideas of how long this should take? I have been patiently waiting for 1.5 yrs for this house to be finished (long wait on land) and now that I am so close I have lost my patience and just want it all done! Re: How long to wait for final payment of a contruction loan 3Sep 13, 2010 10:18 pm I put my request in on Tuesday late in the afternoon and I had the payment ready on Thursday. I called the bank Wednesday morning to make sure they had received the insurance policy and everything they need and they said they had ordered the final valuation on Tuesday arvo when they received the payment request, but that it could take up to five days. I was shocked when they called me on Thursday morning to say it was being paid that day!! I'm in WA, so don't know if there is any differences, but here, they only do their final inspection/valuation. That was with Westpac Re: How long to wait for final payment of a contruction loan 4Sep 14, 2010 7:43 pm The trick with the ANZ construction department (and all banks for that matter) is to keep calling them until they issue the payment! Construction departments are notoriously disorganised. The big problem they often have is that they need more documents from you but they never ask you for them. So call them and ask "what do you still need to release the final payment?". In most cases I have found ANZ to be quite quick with final payments. Valuers vary in their turnaround times so I would expect around five working days. Re: How long to wait for final payment of a contruction loan 5Sep 15, 2010 7:38 pm So I rang for the 'have you got the paper work and how's it going?' And, yes, exactly as you say. They have ordered the valuation, good. But, I was told that I need to complete a new instructions form because the amount approved is off by about $100. I thought, what ever, I pay cash .... get on with it. If I hadn't have rung I would have never known ..... Only now are they going to process it properly. How was I meant to know they needed some more paper work from me, ESP? Ever day is a day closer. *sigh* I will give them another ring tomorrow and apply some more whip. 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 11882 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 19114 1 13128 |