Quantity Surveyor Report for Bank Loans

Mar 13, 2024

Quantity Surveyor Report for Bank Loans

In today’s financial landscape, banks, brokers, and financial institutions are increasingly requesting homeowners and owner-builders to furnish a Quantity Surveyor Report (QS Report) as part of their residential loan application process. These reports play a crucial role in assessing the cost of construction projects and aiding financial institutions in gauging the feasibility of granting a loan.

The Role of Quantity Surveyor Report in Loan Applications

Before delving into the specifics of a QS Report, it’s essential to grasp its significance. These reports offer a comprehensive evaluation of construction project costs, assisting banks in understanding the project’s total expenses and associated risks. Typically, they are required prior to construction commencement or the first loan drawdown. However, banks may request them at various stages of the project due to unforeseen circumstances or reassessments of loan applications.

Beyond QS Reports: Payment and Progress Claim Inspection Reports

In addition to QS Reports, banks may also seek Payment or Progress Claim Inspection Reports. These detailed assessments track construction progress, ensuring funds are utilized appropriately and projects are on schedule. They provide banks with assurance regarding fund allocation and project advancement while aiding homeowners and builders in monitoring their progress effectively.

Selecting the Right Quantity Surveyor

When choosing a Quantity Surveyor for a Bank Estimate Report, banks typically mandate that the QS holds membership with the Australian Institute of Quantity Surveyors (AIQS). This requirement ensures the QS possesses the requisite qualifications, expertise, and adherence to industry standards set by the AIQS.

Partner with Cost Logic for Your QS Report Needs

At Cost Logic, we specialize in preparing Quantity Surveyor Reports tailored to your bank’s specifications. Our team of qualified professionals ensures accurate assessments aligned with industry standards. Contact us at [email protected] or +61 423 609 877 to discuss your requirements or visit our website for more information.