Browse Forums Home Finance 1 Apr 08, 2012 8:28 pm Hi All We went through the pre-start process while our loan was in for approval. We have about $2000 of upgrades which have not been included for the loan. Just wondering how this works with the first invoice - do we receive a seperate invoice from the builder and the bank gets one, or does the bank get the whole lot and we contribute the extra $2,000. Thanks Upgrades done at pre-start and bank loan 2Apr 08, 2012 8:40 pm With my builder they sent me the invoice as a variation order invoice. Working for a bank, I've noticed that most WA builders seem to do the pre-start invoice this way. Also working for a bank, I know that we don't tend to cover the pre-start invoice and the builders expect it to be paid within a short period of time (I was given 5 days from the date of the invoice). I've read that some people had to pay on the day of pre-start, so that's obviously something that each builder does differently. Re: Upgrades done at pre-start and bank loan 3Apr 08, 2012 8:45 pm Thanks Caz, We havent had an invoice as yet, so probably will happen soon I guess as I think they will be starting site scrap in the next couple of weeks, just waiting to be advised! How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11927 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 19108 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 81724 |