Privium (Impact Homes)

Discussion in 'Legal Issues' started by Blue81, 13th Nov, 2021.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Blue81

    Blue81 Member

    Joined:
    12th May, 2021
    Posts:
    18
    Location:
    Sydney
    I have heard this builder company is going into liquidation and worry what will happen with my unfinished build.

    I am unexperienced first-time buyer, signed up for land&build contract back in 2019, then Covid hit, then it was one delay after another... now the build has finally started earlier this year, but there are stories on the internet that this builder is going bust. They didn't contact me yet, so I don't know what will happen and going sick with worrying.

    Anyone knows anything?
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,100
    Location:
    Sydney or NSW or Australia
    Pay for a full company search on Dunn & Bradstreet - it will show what their payment history is looking like & whether you should be worried.


    Great for keyboard warriors to spread rumours or raise red flags but find out the truth for yourself.
     
  3. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
  4. Blue81

    Blue81 Member

    Joined:
    12th May, 2021
    Posts:
    18
    Location:
    Sydney
    Thanks. I have heard nothing from the company itself yet - so no idea if they will be transferring the build or abandoning it or asking for more money to complete or what... Will try calling them on Monday (if they keep the lines open!) to find out.
     
    datto likes this.
  5. Antoni0

    Antoni0 Well-Known Member

    Joined:
    6th Jul, 2017
    Posts:
    1,791
    Location:
    Birisbane
  6. Blue81

    Blue81 Member

    Joined:
    12th May, 2021
    Posts:
    18
    Location:
    Sydney
    Could not get through today - just straight to voicemail at every number. Sent an email but no replies either yet. What a nightmare...

    My house is in VIC, and apparently only QLD contracts are getting transferred. I wish they at least contacted me so I know what is happening...
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,100
    Location:
    Sydney or NSW or Australia
  8. Antoni0

    Antoni0 Well-Known Member

    Joined:
    6th Jul, 2017
    Posts:
    1,791
    Location:
    Birisbane
    Just imagine the type of homes being built with all the shortcuts going on.
     
  9. Gen-Y

    Gen-Y Well-Known Member

    Joined:
    8th Nov, 2015
    Posts:
    3,770
    Location:
    Brisbane - Sydney
    I am hearing another top tier volume builder is also in deep deep trouble.
    Sorry I can't disclose it because I fear I could set off a chain of panic.
    Anyway - you heard it here first unofficially. :rolleyes:o_O
     
  10. Blue81

    Blue81 Member

    Joined:
    12th May, 2021
    Posts:
    18
    Location:
    Sydney
    This is just horrible. I can't get through on the phone, just goes to voicemail. And they didn't reply the emails so far. Checked ASIC website for company insolvency but nothing there yet. Being in the dark is the worst - I wish I could just get some answers...
     
  11. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,100
    Location:
    Sydney or NSW or Australia
    Have you tried Farcebook or Reddit forums? Possibly on house or other home-building forums too.
     
  12. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    Hope you get a favourable resolution.
     
  13. Blue81

    Blue81 Member

    Joined:
    12th May, 2021
    Posts:
    18
    Location:
    Sydney
    I did search on the internet/facebook/etc, but not finding anything definite or useful. It is really difficult to not being able to find out anything.

    Trying to reach Privium to at least understand what will happen to my house that had slab and frame so far - abandoned and left unfinished most likely? I don't know where I even start, should look for a lawyer? another builder to finish?
     
  14. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,439
    Location:
    Melbourne
    Sorry to hear of your situation.

    Chances are - they don't know. And even if they did, they will most likely receive legal advice to say nothing (because it can get them into deeper poo).

    Had a friend go through a similar situation some years ago (not sure if things have changed) but he ended up with a half built thing for ages because another builder wouldn't touch it.

    You definitely want to start talking to start talking to a lawyer sooner rather than later.

    The Y-man
     
  15. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    4,982
    Location:
    QLD/Australia Wide
    From a lending point of view, things get very messy when switching builders half way through a build. (assuming there's a debt associated with the build)
    It's also hard to get another builder to come in and agree to complete for the exact price as the previous.
    I have heard through the grapevine that there is some connection between Privium (Impact Homes) to Hillsong Church, I've not seen anything to back this up, has anyone heard similar or was that just BS?
     
  16. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    Scott Morrison should know.
     
    Lindsay_W likes this.
  17. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,100
    Location:
    Sydney or NSW or Australia

    Pray for a miracle?
     
    datto and Lindsay_W like this.
  18. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    I think it is only fair that scomo comes out and makes a statement about this matter. You can judge a person by the friends they keep.
     
    Lindsay_W likes this.
  19. BennEznElle

    BennEznElle Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    177
    Location:
    Adelaide
    Administrators appointed today, so fair to say its not looking good.
     
    Scott No Mates likes this.
  20. BennEznElle

    BennEznElle Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    177
    Location:
    Adelaide
    Eastern states? I suspect it’s probably likely across the board in the next 12-18 months. So much work for them, but increasing prices due to supply and associated delays. Builders don’t seem to be good at managing their finances at the best of times
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia