HELP-Calling all owner builders

[moreboys]

hi we are currently building a house owner builder and are having a fight with the bank about our slab down first stage progress payment. am wondering what the normal payment is. did your bank reimburse you for what you spent or did they pay you a percentage of the contract price TIA

[RedPanda]

We are owner-building, and we are paying for the slab and then getting reimbursed. Banks don't really like owner-builders, so the way it works differs from bank to bank. My husband is a tradesman, so they were slightly more favourable towards us. He had to prove that he had the skills and contacts to build the house.

We never really fought for the bank to pay upfront for the slab, as many of the major banks will not do this. I think they see the slab as a kind of desposit. We just guessed it would be easier to pay for the slab ourselves, and then bill the bank.

Good luck with it all - it's like jumping through hoops!