Progress payments for construction loan

If we need more information to process the request, you’ll receive an email with the details of the outstanding documents required.

Whilst 5 stages is considered standard, up to 8 stages is considered within standard parameters. We may be able to consider a change in the number of payments on a case-by-case basis subject to credit approval.  

For more information, refer to the Macquarie residential home loan credit guidelines. 

First drawdown

To process the first drawdown progress claim, the following documents need to be emailed to constructionpayments@macquarie.com with the APP number noted in the email subject line:  

• A builder’s tax invoice that has been signed and authorised by the client - the tax invoice must: 
  • Be on the builder’s letterhead with builder’s account details noted for electronic transfer payment 
  • Include a note from the client stating "I authorise payment of this invoice" 
  • Include a dated signature of the client.

• Fully executed building contract, signed and dated by both the client and the builder 

• Homeowner’s warranty insurance, also known as indemnity insurance, provided by the builder, listing the following details: 
  • At least one mortgagor’s full name 
  • Builder’s full name 
  • Site address 
  • A cover amount greater than or equal to the amount on the building contract.

• Contract works insurance provided by the builder, listing the following details: 
  • Builder’s full name 
  • A cover amount greater than or equal to the amount on the building contract 
  • Where the insurance is a specific property cover, the site address 
  • Where the insurance is a blanket/annual policy, the state where dwelling is being built.

• Public liability insurance provided by the builder listing the following details: 
  • Builder’s full name 
  • A minimum cover amount greater than or equal to $2 million 
  • Where the insurance is a specific property cover, the site address 
  • Where the insurance is a blanket/annual policy, the state where dwelling is being built.

• Council approved plans - this is required by the valuer at slab stage to proceed with the progress inspection. 

Subsequent drawdowns

For subsequent drawdown claims, we’ll require the following documents to be emailed to constructionpayments@macquarie.com with the APP number noted in the email subject line: 

• A builder’s tax invoice that has been signed and authorised by the client. The tax invoice must: 
  • Be on the builder’s letterhead with builder’s account details noted for electronic transfer payment. 
  • Include a note from the client stating "I authorise payment of this invoice" 
  • Include a dated signature of the client.   

Be aware you will not receive a notification of receipt from this inbox. 
 

Final drawdowns 

For the final drawdown claim, we’ll require the following documents to be emailed to constructionpayments@macquarie.com with the APP number noted in the email subject line: 

• A builder’s tax invoice that has been signed and authorised by the client – the tax invoice must: 
  • Be on the builder’s letterhead with builder’s account details noted for electronic transfer payment 
  • Include a note from the client stating "I authorise payment of this invoice" 
  • Include a dated signature of the client.

• A copy of the property building insurance policy in at least one of the mortgagors’ names noting the mortgagor(s) as the insured party and Macquarie Bank noted as the interested party. 

You will not receive a notification of receipt from this inbox.  

No occupancy certificate is required. 

We’ll require the builder’s bank details to be on their tax invoice so that we can make payment directly via electronic transfer. We do not issue bank cheques. 

We can reimburse your client only when it’s for a release of deposit and if they’ve made the payment to the builder first.  

The reimbursement claim must be for funds included in the approved payment schedule. To process a reimbursement claim, we will require the following documents to be emailed to constructionpayments@macquarie.com with the APP number noted in the email subject line:  

• Builder’s tax invoice – the tax invoice must be on the builder’s letterhead 
• Receipt on builder’s letterhead confirming the payment has been received that includes: 
  • a note from the client stating "I authorise payment of this invoice" 
  • dated signature of the client 
  • the account details (BSB, account number and name) to send the reimbursement to. If account details are not provided, please note that the payment will be made to the client’s construction account and will be available to them as redraw.