Timeliness of processing progress payments

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.

 

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

 

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.

 

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?

 

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?

 

Bank is St George

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

 

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.