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Timeliness of processing progress payments

Discussion in 'Property Finance' started by Vassago, 6th Aug, 2015.

  1. Vassago

    Vassago Active Member

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    Perth
    Is 2 plus weeks standard for a bank to process (and pay) a progress payment?

    All the ones I have lodged for payment have taken at least 2 weeks for the bank to process. Called up to chase one up today that I lodged for payment on 23/7, their reply is they are waiting to hear back from the valuer.
     
  2. Hodor

    Hodor Well-Known Member

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    Not in my (limited) experience. Should be a few days if the bank has everything from you.
     
  3. tobe

    tobe Well-Known Member

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    Very patchy. Usually slow. The first and the last tend to take longer. If it is the valuer, get the valuer a details and chase them.
     
  4. Be Developer

    Be Developer Property Developer Business Member

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    First and last takes bit longer (if they need to send inspected/valuer out) but should be within 3-4/days.

    Which bank you are dealing with?
     
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Whenever the valuer needs to inspect the progress of construction it is going to take a little longer. Unfortunately you and the bank are at the mercy of the valuer. The bank cannot issue payment without the inspection taking place.

    When was the inspection request first ordered?
     
  6. Vassago

    Vassago Active Member

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    Location:
    Perth
    Bank is St George

    5 August - Just submitted
    23 July - Still Waiting
    14 July - Paid 27 July
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    St George is fine - the problem is the valuer. I would get your banker or broker involved and start chasing it up with the valuer. The progress payment team is just a bunch of paper pushers so they are not going to chase it up for.
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    mostly 1 to 2 days.................. except final and slab for most lenders

    ta
    rolf