Fixed-Price Building Contracts: What Your Lender Looks For
A fixed-price contract is only as reliable as what it includes. Here are the points a lender and quantity surveyor will check before funding.
Read articleQS Verification Reports
An independent second look at your budget, builder's price and costs. Ideal when a lender wants verification, or when you want to be sure the numbers stack up.
A QS Verification Report is an independent check of the numbers behind a project. We verify that the budget is realistic, that the contract price reflects the work shown on the plans, and that the cost to complete is credible.
Lenders often ask for verification when a loan application relies on figures prepared by the builder or developer. Owners ask for it because it is far cheaper to find a gap in a budget before construction than halfway through.
Who this is for
- Borrowers whose lender has asked for cost verification
- Owners comparing a builder's price with the plans
- Investors and developers who want an independent view of a budget
- Brokers who need a supporting report for a loan application
What is included
Budget verification
We check each budget line against current market rates and the scope shown on the documents.
Builder pricing check
We compare the builder's price with plans and specification to spot omissions, allowances and provisional sums.
Scope and inclusions review
We confirm what is included, what is excluded and what the owner may still need to fund separately.
Contingency assessment
We comment on whether the contingency is appropriate for the complexity and stage of the project.
Cost-to-complete verification
For projects underway, we verify the cost to finish against work done and amounts already paid.
Clear, readable findings
You receive a plain-language report that highlights risks and any items that need attention.
Documents we will ask for
- Plans and specification
- Builder's quote or fixed-price contract
- Your budget or feasibility
- Consents
- Invoices paid to date (if underway)
- Details of any lender requirements
Not sure what you have? Send what is available and we will confirm exactly what is needed.
How it works
- Brief us. Tell us what needs verifying and who the report is for.
- Send the documents. We confirm exactly what we need and give you a fixed fee.
- We verify. We check the figures line by line and query anything unclear.
- Receive your report. A clear verification report you can share with your lender or advisers.
Related services
- Independent Bank QS Reports: Independent quantity surveyor reports for bank-funded residential projects. We review the budget, contract, costs incurred and cost to complete so your lender can fund with confidence.
- Cost-to-Complete & Cost Management: Ongoing cost monitoring that tracks spend, variations and forecast final cost, so budget problems surface early instead of at the end.
- New Build – Full Rate Estimate Cost: A detailed, measured estimate for a new home or development, priced at full market rates for labour, materials, plant and margin.
This guide is general information only and does not replace advice on your specific project. Costs, building rules and lender or insurer requirements change and every project is different, so please speak to us about your own circumstances before acting.
Frequently asked questions
QS Verification Reports FAQs
They overlap. A Bank QS report is prepared for a lender for funding purposes. A verification report focuses on confirming the accuracy of specific figures and can be used by lenders or owners.
Yes. We can verify a price after it has been accepted and tell you where the risk of extra cost sits.
Yes. A price that is too low is a risk for the owner and the lender because it often leads to variations and funding shortfalls. We will say so plainly.
Ready to talk about QS Verification Reports?
Contact us today for a fixed-price quote. Independent, accurate and professional.