Construction Progress payments

So your construction loan is approved and you're ready to go, you've signed your agreements and you're done. Hey, it's Aaron from Diagnostics and Finance. This is part three in the construction series. Now that you've got your finance approved and things, what's next? There might be some council approved plans that might need to be tidied up with the lender ready to go for the next progress payment and we'll talk about that in a minute. Or there might be a 5% deposit that you have to pay to get everything all signed off and cancel approved just to get the builder going. And that's a really good thing. So when you are buying the land and you need to probably hold back about 5% of what you think the construction is so that you can get to this point in safety and ease. Now you've got the buildings underway, the slabs down and you get an invoice, what do you do? One of the things that comes up a little bit more often than not is sometimes if the progress payment, you've got some of your money and some of the bank's money. This is where you as a client needs to sign off on the build progress, where it's up to. And it's always good to check with a photo or drive by just to make sure that all the work's done. So you can sign off on that invoice with ease and the builder can get paid their money and get to the next stage, from slab to frame to roof to bricks to internals and then hopefully to hand over, no trouble. Hey, it's Aaron from Diagnostics and Finance. Hope this little construction series has helped. Bye for now.