Browse Forums Home Finance 1 Mar 31, 2017 10:13 pm Hi, We have been approved for a home loan and have just signed the loan offer with the bank. We have a guarantor, so they need to also sign some documents for the bank. We are building and already have the building contract and land contract. We have been reading the information about draw downs and progress payments and we are a little confused. We will touch base with our mortgage broker next week but if anyone is online and could provide us with information it would be much appreciated! It says that the bank needs extra documents before a draw down - this is fine and we understand this. But how does it work?! We set up bank accounts with Westpac today when we signed the loan offer. When we request a draw down do we do so to the bank and provide the invoices? Is it something you can do online or do you go into a branch? Do they pay directly to the builder or does it go into our bank account and we then pay them? Any information would be appreciated! Re: Westpac Home Loan - Draw Down process 2Mar 31, 2017 10:43 pm Prior to the construction of your home, the builder will request details from you about your loan and lender. At the completion of each stage, you will be given an invoice for that stage which you will sign and that signature is authorisation from you to your bank that they can draw from your loan. Hope that helps. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Re: Westpac Home Loan - Draw Down process 3Mar 31, 2017 11:13 pm Thanks Bruce! It really does help. Hoping all this stuff gets easier as we progress because right now it's like reading another language. Would we then be responsible for faxing/emailing each invoice with our signature to the bank? Thanks! Re: Westpac Home Loan - Draw Down process 4Mar 31, 2017 11:21 pm M477 Thanks Bruce! It really does help. Hoping all this stuff gets easier as we progress because right now it's like reading another language. Would we then be responsible for faxing/emailing each invoice with our signature to the bank? Thanks! Usually the builder will send you the invoice, all you need to do is sign and scan back to them and that is usually enough as they would have a direct line to the bank to tap them for the funds. Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Re: Westpac Home Loan - Draw Down process 5Apr 01, 2017 2:18 pm Your invoices will be as above, you will provide them to your mortgage broker, who will forward onto the bank. You shouldn't need to interact with the bank at all (apart from signing loan documents) Re: Westpac Home Loan - Draw Down process 6Apr 01, 2017 2:24 pm Im with westpac. i send my signed invoice and request for payment for to the broker, and they send it to the bank. I then receive by email/text message that payment has been made Building Simonds Prague Re: Westpac Home Loan - Draw Down process 7Apr 01, 2017 7:35 pm bourbonchick Your invoices will be as above, you will provide them to your mortgage broker, who will forward onto the bank. You shouldn't need to interact with the bank at all (apart from signing loan documents) Horse Im with westpac. i send my signed invoice and request for payment for to the broker, and they send it to the bank. I then receive by email/text message that payment has been made Building Simonds Prague This is how it is for us as well, we have to write 'Approved to pay', sign it and forward onto our broker. Re: Westpac Home Loan - Draw Down process 8Apr 02, 2017 6:13 pm Definitely sign the invoice (when you're satisfied the work is done) and write "please pay" or something like that, add the form Westpac sent you in the beginning for that draw down and send to your broker who will forward it and chase the bank for you. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building 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 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 |