Congratulations on approval of your construction loan! We are delighted to have assisted with your finance approval.
From here you have two options for sending your invoices to the bank. Please select one option below, and whichever way you go, read all of the information at the bottom of this page.
Please note, we will do everything required now, to get your loan ‘ready to commence progress payments’ and once we have assisted you in getting to this stage and your builder has the commencement letter, then you have the choice of how you want to handle your construction payments moving forward.
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We wish to have Up Loans handle our construction invoices and their remittance to the bank and agree to pre-pay the construction progress payment fee for this of $500 within 7 days. Please phone our office line on (03) 6331 5518 to confirm our account details, and attach the receipt/screenshot for payment below.
We wish to handle our construction invoices ourselves and will remit to the bank and liaise with our builder ourselves. We will send you all of the instructions on how to do this, and we’ve also attached a handy guide below to assist if you decide to communicate with the bank for your progress payments yourself.
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Handling your own progress payment invoices – a guide
Here’s a guide for handling your own construction invoices post settlement.
- When you receive the first invoice call your builder and confirm the payment account details by phone always. There have been cases where builder’s emails have been hacked and you want to be sure you’re paying the correct account.
- Every single subsequent account that comes in, make sure the account details match the same account that was on invoice 1.
- When you send invoices to the bank they must be in PDF format and each attachment must be no larger than 10MB.
- Make sure that you have a schedule of the progress payments handy and before you send any invoice to the bank double check that your invoice matches the schedule (note variations typically need to be paid for with your own cash).
- The bank will typically need you to write on each invoice “ok to pay” and date and have all parties to the loan sign it. Some lenders will also require a separate form to be completed.
- Remember that the bank will want to send a valuer to the property typically at base stage and completion – this will delay the payments at those stages so be prepared for this.
- If there is a first home builder’s boost it will typically get paid to you or to the bank (depending on lender) at the base stage. If you get a large lump sum in your bank account at base stage do not spend it! It’s your grant, you’ll need to remit it to the builder yourself (ANZ for example do things this way, other banks will pay direct to the builder).
And remember, at any time if you wish to switch over to option 1 – you can do, we’re happy to take over mid-way through, just remit the $500 fee and advise us what has been paid so far.