When is my first instalment for a progress payment due?
Interim interest is due once your first progress payment has been made. Should you not pay interim interest, it will be deducted from the loan together with any costs, fees and premiums payable by you that have not been paid. This is done before the final progress payment can be advanced.
If you do not budget for interest and expenses it can affect the remaining balance of your loan and could result in the builder looking to you to cover the shortfall from your own pocket.
No upfront payments will be authorised from your loan, you must make sure that the builder has sufficient funds to get started and to complete at least 30% of the building project. Your first full instalment becomes payable once the final progress draw has been paid by us.
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