Our client, one of Australia’s leading Private Lenders, financed a Builder to construct a five-bedroom, three-bathroom, two-storey luxury home with a pool and spa in Burleigh Heads, QLD. The project was funded by a construction loan, requiring the Private Lender to receive independent, verified progress reports before releasing drawdown payments. The Builder submitted monthly invoices claiming completed work, but the Private Lender lacked the technical expertise to verify whether the claimed value matched what was actually built on site.
We were appointed as the independent quantity surveyor to manage all progress claims from project commencement through to practical completion. Our scope included:
During the project, we identified two significant discrepancies: the builder claimed full payment for joinery and tiling stage that was only partially installed, and progress claimed for the practical completion when the building certifier had not issued the certificate. We flagged both issues in our bank report, and payments were withheld until the work was rectified and completed.
Our independent assessments protected the Private Lender from overpaying by approximately $95,000 across the project duration. The Private Lender approved every drawdown based on our reports, and the project completed on budget. The lender now has a clear, auditable record of all payments tied to physical site progress.