It is becoming more common that banks, mortgage brokers and other financial institutions request that homeowners and owner-builders provide Quantity Surveyor Cost Reports (QS Reports) for Residential Bank Loans to accompany their applications. These reports are required to provide an independent professional opinion of construction costs. This is to ensure that construction costs are fair and reasonable and the bank isn't over-lending or under-lending.
In addition, they may also require a review of payment stages and payment or a progress claim report before they will release funds. This report is required to ensure that the payment the builder requesting for a milestone payment stage is in line with the payment schedule and description of works complete.
We are able to prepare these reports in accordance with your bank's requirements. Simply contact us so we can discuss your needs.
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