At what stages do we have to pay you to build our new home?
We use the Housing Industry Associations (HIA) Plain Language building contract which sets out the 8 stages for payment.
The 8 stages are:
- PSE preliminary deposit $1500 which forms part of your 5% contract deposit
- NHP preliminary deposit $1500 which forms part of your 5% contract deposit
- Deposit (paid at contract signing 5%)
- Base (paid once the floor is down either concrete slab or floor framing 10%)
- Frame (paid once the frame is erected 15%)
- Enclosed (paid once the house has been locked up 35%)
- Fixing (paid once the plaster is up and the wet areas have been tiled 20%)
- Practical Completion (paid when the house is complete 15%)
Each of these stages are clearly identified within the building contract
We are more than happy for you to take a blank copy home to read (or to pass on to your solicitor) prior to signing.