We have just signed our building contract for a standard 4 by 2 house. Noticed in the contract that the builder has changed the progress payments in their favour so by the end of the Frame Stage we would already have paid 50% of the house price. They glossed over it by saying this is what their accountants recommend and everyone is doing it etc.
Am I right in saying that standard HIA contracts recommend only paying 30% by Frame Stage?. Obviously be paying a lot more interest very quickly as appears the first couple of stages happen in a couple of weeks once building commences.
Have gone back to our customer relationship person to ask that they be reverted back to the standard progress payment schedule but she doesn't think there is much that can be done.
Any advice?