You or your customer will need to notify us of any changes to the building contract or plans relating to a construction loan, including (but not limited to):
Any changes will need to be reviewed and approved by our Credit team.
Our Construction Loan team will support you through these changes. Where required, they’ll send your file to our Credit team for review and order valuations.
Where we require documentation to make a change to the building contract or plans, please email details of the change and supporting documents to constructionpayments@macquarie.com with the APP number in the subject line.
Any changes to the builder on a construction loan will need to be reviewed and approved by our Credit team.
To request this change, you’ll need to send the following documents to our Construction Loan team:
Please email these documents to constructionpayments@macquarie.com with the APP number in the subject line.
Before the request is reviewed by our Credit team, we'll order a new valuation.
Once the new builder has been approved, the new builder’s insurances need to be provided to our Construction Loan team. All builder's insurance must be current and valid prior to the first payment being made.
When submitting the first progress payment to the new builder, please include the builder’s invoice along with details of their:
Please email these documents to constructionpayments@macquarie.com with the APP number in the subject line.
For more information see Submitting progress payments for construction loans.
If there are any variations or changes to the Progress Payment Schedule and original building contract during the construction, these should be noted in the builder’s invoice for the relevant progress payment.
Variations can decrease or increase the total contract price of construction and are assessed on an individual basis. If there are substantial changes to the building contract, our Credit team will be required to review the changes.
Typically, if the builder’s invoice or receipt is stating a different amount to the Progress Payment Schedule, our team will make further enquiries.
See below for information on how we manage the following scenarios:
When the variation has increased the value of the build as assessed on the progress inspection report, no further action is required and our team will process the progress payment.
When the variation decreases the value of the build as assessed on the progress inspection report by more than 5% compared to the original payment contract, our Credit team will need to review the application.
If your customer has insufficient funds in their construction loan account to cover the variation increase, they’ll need to pay the builder directly for the difference and provide us with a copy of the builder’s tax receipt showing payment. This needs to occur before we proceed with the progress payment.
For more information see how your customer can be reimbursed for a construction payment.
If the council-approved construction plans have changed after settlement, please send the new plans to our Construction Loan team via email to constructionpayments@macquarie.com with the APP number in the subject line. A new valuation may be required.
You'll need to contact our Construction Loan team as soon as the change has occurred to allow sufficient time for us to review the change, before further funds can be released from the construction loan.
If there's a change to the amount (increase or decrease) allocated for an additional work item, please send details of the change and supporting documents to our Construction Loan team via email to constructionpayments@macquarie.com with the APP number in the subject line. They’ll organise for our Credit team to review and approve all changes to the additional works schedule.
For more information see Submitting progress payments for construction loans.
The cover amounts on the homeowner’s warranty insurance and contract works insurance must be equal to or above the building contract price. If the cover amount is under the building contract price, the insurance will need to be updated.
Your customer will need to arrange for this to occur, and you’ll need to provide a copy of the updated insurance to our Construction Loan team via email to constructionpayments@macquarie.com with the APP number in the subject line.
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