Bank Reports: Progress Claim Construction Report

Follow along as we break down the key steps of the progress claim and reporting process:

1. Builder completes the agreed-upon portion of work.
2. Builder submits claim and documentation to bank/lender.
3. The bank contacts the surveyor to assess the claim.
4. The surveyor visits the site, reviews documentation and assesses the progress.
5. The surveyor prepares a detailed progress report.
6. The bank reviews the report and releases payment upon approval.
7. The builder receives payment to continue construction.

Additionally, our commitment to excellence and efficiency enables us to deliver these reports within 7 to 10 business days.

Having prepared hundreds of these reports for clients seeking funding from the Big Four Australian banks and other major lenders, we have a deep understanding of each lender’s specific requirements and expectations.

With this wealth of experience, we are uniquely positioned to assist you with your construction loan application.

As registered Quantity Surveyors with the Australian Institute of Quantity Surveyors (AIQS), we also comply with all AIQS requirements and ensure every report is completed in detail and to a high standard.

In addition to an initial cost report for your construction project, we will provide a full cost estimating and cost planning system. During this time, we can also provide any assistance you need with evaluating comparative costs for alternative construction systems and finishes.

We can also advise on the total cost implications and construction methods.

Our detailed reports align payments with the building contract and track the full project scope. Key sections include:

• Project Contract Statement: Compares the claim to the original contract sum and notes any approved variations. It also highlights the total work value completed and the remaining budget. This ensures proper cost control.
• Drawdown Claim: Tracks the amount already paid to the builder and the remaining funds to be released by the bank, keeping payments aligned to work progress.
• Trade Summary: Analyses total construction costs incurred so far and remaining expenditure by trade/project area, enabling a cost analysis.
• Cash Flow Forecast: Predicts future cash flow needs to finish the project on schedule and budget while allowing for proactive funds planning.

We also provide photos of completed work and an on-site assessment from our registered quantity surveyors.

Progress claim reports are useful for several parties in a construction project, including:

• Homeowners – Ensure you only pay for work completed and keep payments on schedule. Getting a transparent report prevents any funds being released unfairly.
• Builders – Justify claims to the bank with documented progress assessments from a neutral third party. This smoothes the payment process.
• Banks and Lenders – Verify claims match on-site work before releasing construction loan funds. This mitigates risk and liability for the bank.
• Project Managers – Track overall budget and timeline versus actual costs and progress. The reports act as an unbiased record of project status.

Having an independent quantity surveyor prepare the report provides stakeholders with trusted verification.

To confirm the builder’s progress and justify the payment claim amount, our surveyors complete thorough on-site assessments. This includes:

• Detailed review of all building works completed to date – Comprehensively quantifies progress
• Photographic evidence of progress – Visually verifies reported progress
• Comparison of works against official project plans – Checks for adherence to the original scope
• Assessment of work quality and adherence to contract – Ensures quality standards are met
• Identification of any defects or issues – Flags any problems to address
• Estimation of percentage of completion for each project component – Breaks progress down to a granular level
• Verification of claimed material costs against invoices – Validates incurred costs

As members of the Australian Institute of Quantity Surveyors (AIQS), our reports adhere to industry standards for accuracy and detail.


Key benefits include:

• Ensuring payments align with building progress – No funds released for incomplete work
• Tracking costs against the initial budget – Catch any cost overruns early
• Justifying claims with documented on-site assessments – Unbiased verification to release payments
• Predicting future cash flow needs for smooth completion – Proper budgeting avoids delays

Beyond progress claims, we offer full construction cost planning and estimating services. Our quantity surveyors provide:

• Project costing
• Insurance valuation reporting
• Cost plans

Note: We utilise best practices for systematic cost control.

Progress Claim Variations

Over the course of a project, changes often occur to the original plans. Any modifications that alter the initial construction contract value are termed “variations”.

Common reasons for variations include:

• Owner requested changes
• Unexpected issues requiring design adjustments
• Improvements in materials or methods
• Regulatory requirements

Our payment schedule reports clearly track any approved variations against the original contract. This ensures the progress claims accurately reflect all completed works, both original and varied.

Duo Tax brings experience, expertise, and independent oversight to your progress payment claims by offering:

• Registrations with AIQS for accredited personnel
• Decades of combined construction project experience
• Detailed reports following best practices
• Fair assessments protect all stakeholder interests
• Smooth payments support timely project completion

Rely on us for transparent, unbiased progress claim reporting tailored for your build and construction contract.