Browse Forums Home Finance 1 Jul 01, 2013 12:25 pm Hello all Im in the process of applying for a loan (through bank west) for a house and land package. I have provided some quotes for things like driveways and fencing. Overall everything has been setup with real safe values. Once the house is complete and handed over - say there will be about $10-15k left on the loan Will the bank just allow me access to this money or are they likely to require invoices for each item? I intend to do as much work myself including paving and fencing but if i require invoices to be paid out this might not be possible? any ideas? thanks My Build - SA Largs North First build Re: What happens to "left over" money on loan 2Jul 01, 2013 8:13 pm Um if it is in the loan amount the bank will only release the contact sum to the builder. With any left over moneys you can draw on them once the build is completed and final payment paid 2 Re: What happens to "left over" money on loan 3Jul 01, 2013 8:29 pm we have the exact scenario as you...we finally got an answer that we would have to provide the invoice to the bank and draw from the loan just like a progress payment for the construction of the house...so no nice lump sum of left over funds...Im guessing this is standard practice but could be wrong! 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 19097 The concreter will take and reuse. In my case I bought structural LVLs and scraped them back and used them as joists. 1 5153 you need a fridgie to answer but I would think you vac the whole system then add gas if you have a leak, unless it is new install with the gas already loaded, in that case… 1 3657 |