A Builder cannot receive a Deposit under a MDBC of more than 5% for contract prices greater than $20,000, and 10% for contract prices less
Stage gate Payments, Depending on the contract, to build to a certain stage influences the progress payments. For a new home OR renovation,
progress payments typically traverse the following stages of:
The above stages, coupled with a 5% Deposit and then a 5% Final Payment, concludes the total contract price. This setup is commonly referred
to as Method A.
However, many builders, such as ourselves, employ the Method B payment option. That is essentially where the Builder varies stage payments.
This is typically done for business cashflow purposes and requires consent of both the Client and Builder.