Browse Forums Home Finance 1 Sep 07, 2012 1:39 pm Hi everyone, was hoping someone can assist with our query. We have signed a contract with one of the builders here in WA and just getting into construction stage. Our finances have been approved, with the bank paying a portion and we are coming up with the rest of the portion for the house. The builder has come back to say that they are not satisfied with just the approval from the bank and wish to see the funds from our bank statements for the other half. Is this normal practice at all? I consider it an invasion of privacy that they can ask for bank statements etc when the banks have already approved our finances based on the full amount. I've also rung the Department of Commerce and the Building Commission but they weren't of much help - hoping if anyone had similar experiences and what they have done? Thanks Re: Builder Needing Proof of Finances 4Sep 07, 2012 2:27 pm My builder is one of the largest builders in SA. They don't check anything regarding finance, even if you're paying cash yourself and not going through a bank. Re: Builder Needing Proof of Finances 5Sep 07, 2012 3:11 pm We had to provide a bank statement to show we had the non-loan funds. Re: Builder Needing Proof of Finances 6Sep 07, 2012 4:55 pm We also had to provide evidence of funds..didn't bother us too much, a Bank stmt is only a bit of paper with numbers on it, and wasn't an list of our net worth. A fair enough request given the nature and size of the transaction you and the builder are about to contractually enter into. Re: Builder Needing Proof of Finances 7Sep 07, 2012 8:25 pm Our standard ACT HIA building contract said not only did we need to provide proof of our funds over the bank loan but we had to make the builder a dual signatory to the bank account holding them! Obviously we got that changed before we signed. Tender /1/12 Contract 14/6/12 Planning 12/10/12 Site 23/10/12 Piers 27/11/12 Slab 12/12/12 Frame 15/12/12 Trusses 17/1/13 Roof 24/1/13 Bricks 13/2/13 Plaster 1/3/13 Re: Builder Needing Proof of Finances 9Sep 07, 2012 11:29 pm Our contract also said the $$$ were supposed to go in a special account during the build but our builder only wanted to see a statement showing sufficient funds so we were happy to oblige. When a request for payment arrived they were OK with a personal cheque but we always took it to head office as I didn’t want the hassles if it was lost in the post. For the final payment they requested a bank cheque or cash, could you imagine walking around the streets with nearly 40k in your handbag!! The SS told me on one of his builds he had been handed cash late on a Friday afternoon and he wouldn’t leave the house until his boss came and took the money from him. Regards, Grumbles Have look at your house plans and you will probably find that brick articulation joint has been missed. Maximum allowable spacing is 6M or 5.5M for a wall with window… 17 20603 Hi We have a road close to our place and only an old flimsy wooden fence between us and the Neighbour closest to the road. Any ideas on a sound proof modular fence. Like… 0 7476 Hi all Am new to this forum. I want to get some ideas/info about how to manage an 80 year old factory restoration to convert to a residence. The factory floor is concrete… 0 6345 |