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When you are doing any building or renovation work, there are so many exciting decisions to make that sometimes the more simple things are overlooked - including making sure the money you have saved for the project is safe and protected.
BUILDSAFE® provides a service where you pay money that you would otherwise have been required to pay to the builder as a deposit into an independent trust account. BUILDSAFE® will hold that money safely in trust and will only release it when the work that you asked the builder to do is properly completed.
CASE STUDY - THE BUILDER WHO NEVER CAME TO SITE We talked with an elderly couple who were getting a garage extension done to their Auckland home. They had contacted a builder from the local paper who came around and gave them a quote. The quote was within their budget and the builder could start straight away so they gave him the job. The next day the builder came and asked for a payment of $5,000 so that he could go and buy the materials needed to do the job. The couple paid the money in good faith and, sadly, the builder had no intention of using the money for the garage extension - he took their $5,000 and was never seen again.
Had this couple used BUILDSAFE® that money would have been sitting in a bank account and would only have been given to the builder when the job was FINISHED
Why would you use BUILDSAFE®?The reason why you would use BUILDSAFE® is simple - BUILDSAFE® protects your money either from the builder taking your money but never doing any work or from a builder going "bust" and leaving you with no money to pay to have the job completed. If you give the builder any money up front and they disappear or their company goes under, the chances of recovering that money are difficult, if not impossible. However, if the money is held by BUILDSAFE® in its trust account, it will still be there no matter what the builder does.
And, before you ask, your money will be safe with BUILDSAFE® as it is held in trust at the ASB and is managed by independent trustee Perpetual Trust and BUILDSAFE®.
How do I use BUILDSAFE®?Its very simple to use BUILDSAFE® to protect your money. The first thing you need to do is register your interest. We will then contact you to finalise your registration. Once you have paid the deposit (which we call a Security Amount) into the BUILDSAFE® Trust Account for safe keeping plus a small administration fee, you carry on with the building work as normal.
When you agree that the works are properly completed, we will pay the money we hold to the builder and in the event that there is a dispute, we will help you and the builder resolve it.
When should I use BUILDSAFE®?BUILDSAFE® can be used when you do any building or renovation work including a new house, a kitchen, a bathroom, an extension, a deck, a new garage, a fence or a swimming pool or any number of other Building/Renovation projects. If someone asks you for money in advance, use BUILDSAFE®. Why should you be required to pay anyone up front before the work has been done - do you get paid in advance? MORE EXAMPLES OF WHEN TO USE BUILDSAFE Now all you need to do is register your interest or give us a call and we can help you BUILDSAFE®. |
