Browse Forums Home Finance 1 Sep 16, 2019 6:15 pm Hey folks, We just got out loan documents from Macquarie for a new home construction. Amidst all the pexa fees and legal fees they've also smacked us with $1500 Construction Administration Fee. They state this is for "Administration costs during your construction period such as arranging valuation inspections and draw downs." Is this normal? Re: Construction Administration Fee by Bank 2Sep 16, 2019 7:09 pm Iām saying this in a really small voice...unfortunately it is. Every lender has some kind of construction fee charged either up front or per progress draw and it covers the administration side and the valuations. Macquarie have just put theirs up to $1500. They do have a very competitive interest rate and speedy approval process - hopefully this makes the pill a little easier to swallow. Enjoy the build. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Construction Administration Fee by Bank 3Sep 16, 2019 11:31 pm As Bec says yes it is. What Macquarie charge is really on the high side compared to a lot other lenders for the same thing, but there is not much you can do about it unfortunately. Cheers, Tom How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12074 DIY, Home Maintenance & Repair That laser level looks lovely! We bought one for less than a quarter of that price off eBay. It worked really well for us and it's still going now, five years later. After… 1 16897 Hi, My home construction is complete, and the handover is scheduled next week. However the construction has been delayed and I have raised this to the builder. The… 0 5354 |