Progress payment schedules and banks
April 14, 2019
HIA is often asked about whether there is an industry prescribed progress payment schedule that should be used for residential building in Western Australia. This has come about as a result of banks denying home owners finance on the grounds that the progress payment schedule proposed by their builder is supposedly outside of the “Industry standards” or “HIA approved progress payment schedule.”
What is the rule?
There are no standardised progress claim stages or percentages across the industry. The builder can suggest progress claim schedules that suit the particular type and nature of the home building work to be carried out, provided the payment at each stage is a genuine reflection of the value of completed work for that stage.
Should you require further information then please call Kiran Kaur, HIA Workplace Adviser (Western Australia) on 9492 9200 or email WA_IR&Legal@hia.com.au