Browse Forums Home Finance 1 Nov 06, 2015 9:26 am Hi All, I have a 50K provision cost in my contract so my loan is approved with this 50K, So LMI is calculated including the provisioned 50K. My question is if only 20K of the provision 50K was needed, Can I withdraw the balance 30K from loan account? To do curtain or landscaping? Or is bank going to repay me the additional LMI they have taken for 50K as actual cost is 20K? Can anyone please help me with this? Cheers Re: Provision Cost 3Jan 10, 2016 2:05 pm On the face of it no because your bank is lending you for the building contract and they will be advancing against payments to the builder not to you. Another issue is that 50k will be advanced to the builder whether any work is done or not, good luck trying to get it back. 50 K is a lot of money for PS what is it for? How do you know it's not going to blow out to $100K? I am guessing that you signed the contract without professional advice or you would not be asking here. By signing of on large PS you are essentially offering builder a blank cheque+ use of your money during build as his overdraft. Do yourself a favour and get good building consultant to look after you during your build, it's cheaper than hair replacement Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Please google this video regarding the Regulations for a Laundry trough: i-dont-want-laundry-tub-can-i-use-sink-instead 13 12182 Building Standards; Getting It Right! Hi All, We have a fall from road to garage front. But we cannot put a drain/grate because no discharge point put by the builder. Now they complain not enough space for… 0 7678 Alternatively, you can sign a contract with pre-defined known amount you pay to the builder for management and warranties and then you just pay the invoices their provide… 2 5247 |