Construction Loans- What you should know about progress payments

Progress payments – for registered builders.

At different stages of construction, you or your builder will require payment.

To make these funds available, you need to provide your home loan specialist with:

• A completed and signed Progress Claim Certificate1.

• Copies of all relevant builder’s claims, invoices or receipts Invoices are required before any claim relating to them can be processed.

Before approving a progress payment, your lender may require further information.

Invoices sent to your lender should:

• Be on any official company letterhead – where the builder is a company.

• Include the builder’s ABN.

• Describe any change to the amount you have previously agreed to pay the builder and the reasons why.

• Describe the preferred payment method.

• Describe the GST payable

• Be clearly marked as a tax invoice.

Progress payments – for owner builders.

Owner builders are required to send all invoices for the total amount of claims for each progress payment.

To help ensure the builder is paid on time and to avoid penalty costs from suppliers, we encourage you to provide these details to us as soon as possible. Need a construction loan?


Contact us @ propertyloans@realrenta.com

Marlene Liontis
Thursday, 21 March 2019

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