What Is A Progress Claim Construction Report?
The most notable difference between a standard home loan and a construction loan is that a construction loan has a progressive drawdown.
A progressive drawdown means that you receive instalments of the loan amount at various stages of construction rather than receiving it all at once at the start.
Once a construction loan has been approved, and the property is being built or renovated, lenders will generally make progress payments, usually to the builder throughout the various stages of building.
In order to have the progress claims align with the building contract, a Quantity Surveyor is generally required to complete a site inspection and provide a progress claim construction report.
What Is Included In A Duo Tax Progress Claim Construction Report?
After assessing various documentation, such as invoices from the builder, we draw up a progress claim construction report to ensure that the progress claim payments align with the buildings contracts to the exact dollar value of work at each payment stage.
The progress claim construction report breaks down the following information:
- Project Contract Statement: our progress claim construction report aligns with the original contract sum. It also takes into account any variations that need to be made and makes provisions to the construction budget. We highlight the total value of the construction works being assessed and the remaining cost to complete the works.
- Drawdown claim: included in our progress claim construction report is the progress drawdown claim , which reports and tracks how much has been paid to the builder while identifying what funds are yet to be released by the bank.
- Trade Summary: the purpose of a trade summary is to provide a cost analysis of the construction work’s total value. It also breaks down the total expenditure incurred to the assessment’s date and what funds still need to be released to the builder.
- Cash-Flow Forecast: the cash-flow forecast breaks down and reports the anticipated cash flow to complete the project. This tool helps determine the estimated funds and total claims to be released in each stage to ensure that the completion of the construction project is aligned with the builder’s requirements. We also have a Duo Tax Quantity Surveyor visit the construction site to assess and take photos and report how much work has been completed by the builder.
Why Choose A Duo Tax Progress Claim Construction Report?
As registered Quantity Surveyors with the Australian Institute of Quantity Surveyors (AIQS), we act in accordance with all AIQS requirements and ensure that every report is completed in detail and at a high standard.
Apart from providing an initial cost report and progress claim construction for your construction project, we also provide a full cost estimating and cost planning system.
As Quantity Surveyors, we can help the architect evaluate comparative costs for alternative systems of construction and finishes.
We can also advise on the total cost implications and methods of construction.
Contact Us Today To Order Your Progress Claim Construction Report!