Browse Forums Home Finance 1 May 03, 2018 7:32 am Hi I am contacting my broker atm for clarification. But after 3 weeks to process the first progress payment for the slab on our build, the bank (CBA) paid exactly $10,000 less of the slab invoice. Is this common practice? In the notification we got from our broker the bank said they paid the invoice as instructed by the builder (no amount is mentioned in the notification), but on our online home loan account we notice that shortfall. We are really anxious while waiting for answers.... Are they expecting us to pay the difference? Doug.- Re: Slab Progress Payment shortfall? 2May 03, 2018 7:33 am What was the invoice amount the builder actually sent? Is the difference the first home owners grant? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Slab Progress Payment shortfall? 3May 03, 2018 7:38 am becjarrettdalton What was the invoice amount the builder actually sent? Is the difference the first home owners grant? Re: Slab Progress Payment shortfall? 4May 03, 2018 7:39 am Ok and check the progress payment schedule - did the builder invoice too much? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Slab Progress Payment shortfall? 6May 03, 2018 7:50 am That’s why the figure stoood out to me - the FHOG is paid via the bank, at least you now have something to follow up and hopefully a solution. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Slab Progress Payment shortfall? 7May 03, 2018 1:34 pm Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ they will allow the client to draw down the full invoice amount at slab and then pay them the FHOG directly. Do you not have to pay anymore funds towards the construction? Is it a 95% lend? Re: Slab Progress Payment shortfall? 8May 03, 2018 1:38 pm plc Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ they will allow the client to draw down the full invoice amount at slab and then pay them the FHOG directly. Do you not have to pay anymore funds towards the construction? Is it a 95% lend? CBA take the FHOG an apply it at slab stage - it has to be something around this, right? But good point you raise on client contribution. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Slab Progress Payment shortfall? 9May 03, 2018 3:31 pm Hi all, yeah. It was the FHOG.... All sorted. Apparently the builder got all the invoice paid in full... Only the difference between the invoice and FHOG was charged on our loan. All sorted. Thanks! regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it… 4 11849 There is no reason why building contract reconciliation cannot be done prior to handover, if the builder won't do it get someone to do it for you. Why would you pay for… 3 6680 1) I had requested R6 ceiling insualtion batts, however I noticed that on some areas there are huge gaps which will allow hot air to sweep in, and also noticed black/grey… 0 3585 |