Browse Forums Building A New House Re: First Progress Payment and DBI insured amount 2Apr 03, 2023 9:22 am Banks use very sophisticated data modelling tools (LOL, Ie, they look up door handle prices on ebay humour), if they don't see $40K post contract value. then I'm afraid you might be out on a limb with no way down. Sounds like the Builder didn't pay the additional premium out of the $40K variation... which now makes it worse for you. get legal advice Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: First Progress Payment and DBI insured amount 3Apr 03, 2023 9:27 am Wanted to update anyone following or for future reference - My superstar Mortgage Broker was able to resolve this issue along with NAB and they've now released the payment. Lesson Learned - Always make sure that your builder includes the total construction cost including all the variations in the HIA contract and then insures HIA contract amount for Domestic Building Insurance to avoid any hassles like this Re: First Progress Payment and DBI insured amount 4Apr 03, 2023 9:38 am Don't worry about what the super star salesman says get a copy of the new insurance certificate OT, If the builder goes broke your out of pocket $40K That's how it works here in WA Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: First Progress Payment and DBI insured amount 5Apr 03, 2023 9:59 am StructuralBIMGuy Don't worry about what the super star salesman says get a copy of the new insurance certificate OT, If the builder goes broke your out of pocket $40K That's how it works here in WA nothing to do with salespeole. you'd do well to read and ccomprehend the post before bashing away at the keys with some negative comment again. Thanks. I called VBA today and they said it was a Consumer Affairs issue, the old handball. Seems like the government organisations don't want to do their job at the moment. 2 7881 1 9686 I'm wondering if anyone knows what the requirements are of a builder to be eligible to hold Domestic Building Insurance for proposed works. https://www.dbi.vmia.vic.gov.au… 0 3497 |