The bank will pay the builder directly in a process known as construction drawdowns.
Once the builder presents you an invoice, all you need to do is sign a form and send it over to the bank.
Then, the bank will deposit the money into the builder’s bank account.
In some cases, and almost always for the final drawdown, the bank will send a valuer to the property to complete a progress inspection.
A progress inspection may delay the payment to the builder for up to one week
To avoid this, we recommend that you put in your drawdown requests as soon as possible so that you don’t delay the payment to your builder!