Browse Forums Building A New House Re: HIA standard progress payment schedule 3May 28, 2009 5:34 pm 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: HIA standard progress payment schedule 4May 28, 2009 6:27 pm Trying this building gig one more time. Re: HIA standard progress payment schedule 13Dec 20, 2012 8:02 am Chintook - I think with the recent collapse of Procorp you just want to be a little bit careful with front loading of payments. I think that having 90% of your contract payments made once gyprock has been installed is excessive and I can totally understand why your bank did not agree to it. The problem that I think that you could face, if Clarendon did get into any financial difficulty is that they get to you to gyprock and it costs them more money to finish the house than they are going to receive from you, so they leave it at that place and start the next house. Plus it is going to cost you more in the long run as you will be paying higher mortgage payments. I believe that builders do front load their payments. Slab payments are generally high as they cover all of the initial costs to get you to slab - my builder paid for all the DA costs. It also covers HOW insurance and surveyors fees etc. I would be negotiating down the frame, bricks, gyprock and have another payment in between internal linings and PC - maybe a fixout claim. Modified Fernside 38 Rawson Homes Blog: http://www.thehousethatmatandjenbuilt.blogspot.com Build Thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=60501 Re: HIA standard progress payment schedule 14Oct 01, 2018 7:46 pm If you want to know the payment schedule look up Domestic building contracts ACT 1995 section 40. it will give you the legal payment methods depending on the project anything over $20,000 is 5% deposit anything under is 10%. this will then allow you to look at the different payment methods depending on your project. All Licensed builders MUST use these payment schedules, when entering into any contract. The only exception is a cost plus contract which is for projects over the value of $500,000. Cost plus contracts are only a good idea when you have poor plans or want to design as you go. Bear in mind that every change you make costs you money. Cheers Steve Re: HIA standard progress payment schedule 15Oct 02, 2018 1:08 am It would say that ideally builders would have to deal with their own financing solutions and do not expose any of their financial risks on the clients/banks, same way manufacturers are arranging manufacturers' finance. The whole practice of clients/banks paying for anything other than completed house is faulty and prone to issues (minus 5%-10% deposit). Re: HIA standard progress payment schedule 16Jan 11, 2019 4:38 pm This is what we negotiated with our builder: Quote: Slab Down 15% Plate High 25% Roof Cover 20% Lock up 20% Practical completion 20% 10 12255 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16542 Sorry but you have a crap builder. Probably too late now. For our last build I only spoke to builders who would allow me easy access (at no cost). I used my own sparky… 10 9804 |