Redundancy and Progress Payments

Any general questions you might have in regards to loans and finance.
Post Reply
User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Redundancy and Progress Payments

Post by Otto Dargan »

Hi Scaria,
As the loan has already been approved and settled you don't need to tell the bank and they would be unlikely to stop progress payments if they did find out. For them a complete house is much better than an incomplete house.
If you do find yourself unable to make repayment then please contact your bank and be open with them. And yes you should contact your insurer regarding the redundancy as well.

Good luck with your construction!
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Post Reply