Every build may be slightly different and ultimately the terms of your building contract will stipulate how and when progress payments are to be made. Each State and Territory has slightly different regulations with limits as to what a deposit or progress payment may be in terms of total percentage of the build.
Whatever you agree to with your builder as to the timing and amount of any progress payments, that is what you will be obliged to comply with!
Take a look at our handy template to use as a guide when planning and reviewing your building project.
Ask more – Know more – Build more
Remember, planning and having the right information on hand before you get started, is key to successfully renovating and building. Our range of Build in Common Toolkits have been designed as go-to-guides to give you the questions you need to ask of the building professionals, trades and service providers.
Asking the right questions gives you the answers you need to make informed decisions and take the guesswork out of building and renovating. They will put you firmly back in control of your project, your home and your budget.