Progress reporting is carried out each month throughout the duration of the project. Our Drawdown Reports inform the bank of the progress of works on-site, any risks, and confirms the cost to complete. In order to complete a progress report, we undertake a site inspection, review the contractor's progress claim, assess the programme in relation to works completed on-site, and ensure all relevant documentation is in order.
When releasing funds for construction projects, banks often require clear, independent qs reports before releasing funds to ensure that the cost to complete is accurate. At Elemental QS, we specialise in providing accurate, timely, and reliable bank drawdown reports tailored to the financiers requirements.
Elemental Quantity Surveyors is proudly accredited by both the New Zealand Institute of Quantity Surveyors (MNZIQS) and the Australian Institute of Quantity Surveyors, holding MAIQS and Certified Quantity Surveyor (CQS) status. These memberships reflect our commitment to industry best practice, professional standards, and the delivery of independent, reliable cost advice across New Zealand and Australia. As Certified Quantity Surveyors, our team ensures that both banks and clients have the clarity needed to release funds for your construction projects with confidence.
Banks need assurance that a project is financially viable and that lending risk is minimised. This is where an Progress Drawdown Report comes in. Sometimes called a Bank QS Report, this document provides a clear assessment of costs, timelines, approvals, and risks.
Our QS team provides regular site inspections and cost-to-complete updates, certifying that funds are only released in line with actual progress. This protects the bank’s position while also keeping the developer’s cashflow predictable and transparent.
Whether you are applying for initial finance with our Initial Bank Reports or seeking progress drawdowns, Elemental QS is here to make the process seamless. Our QS team works directly with developers, banks, and financiers to ensure every report is clear, accurate, and compliant with lender expectations.
Are you looking for an independent Quantity Surveyor to assist with your bank drawdown reports? Our team are experts at financial reporting.
Contact us today to discuss your project needs.
23-29 Albert Street, Auckland 1010
19 Sheffield Crescent, Burnside, Christchurch 8053
Phone : +64 20-493-6595
info@elementalqs.co.nz
Every construction projects is bespoke with unique risks. Therefore, our bank drawdown reports are unique and tailored to your specific project. Continue reading to see a breakdown of what we require.
Development costs play a crucial role in determining the total cost to complete. Depending on the financier’s requirements, we may require a breakdown of any costs outside the building contract, including acquisition costs, professional fees, statutory fees, authority fees, legal fees, holding costs, marketing and sales commissions, and any works outside the contract sum (e.g., landscaping, swimming pool, client-supplied items).
We require a contractors claim, their invoice, and a Form 1in accordance with the Construction Contracts Act 2002 (CCA).
Most first tier lenders will require a Statutory Declaration from the builder confirming that all workers, sub-contractors, and suppliers have been paid in full all monies owing to them.
Building Permits are subject to fairly standard conditions. Typically we require a copy of these approvals to confirm that works have been completed in accordance with the design documentation
A variation schedule to determine if the current construction contingency is sufficient to fund all variations submitted to date. If the construction contingency is insufficient or we have been made aware of variations in excess of the current construction contingency, we will advise the financier to increase the construction contingency to align with the cost to complete.
Depending on the contract sum and project type, we may request a copy of the most recent construction programme. The program must show clear commencement and practical completion dates updated to reflect any extensions of time claimed to date. This helps us monitor progress on site monthly and update the financier in future reports. Typically, we allow a one-month contingency in the program to account for unforeseen delays.
We often request an updated cashflow forecast potted against the Contract Sum which is often used to monitor the progress of the cosntruction works each month.
We confirm that all relevant consultants (architect, structural engineer, civil engineer, services engineer, geotechnical engineer, building surveyor, engineer to the contract) hold current professional indemnity insurance policies with adequate coverage. The construction contract may specify the required insurance limits for these consultants. We monitor insurance policies throughout the duration of the project and provide updates in future progress reports
This includes contract works insurance, public liability, motor vehicle insurance, plant and equipment insurance, etc. The Quantity Surveyor is required to confirm that the builder’s insurance policies are current before the first drawdown. We recommend that the contract works policy be site-specific, name the financier as an interested party, and cover the full contract sum. We also monitor the insurance policies throughout the duration of the project and provide updates in future progress drawdown reports.
Bank QS Drawdown Reports are independent assessments of works compelted to date and the cost to complete. These are prepared for finaniers, lenders, and banks. These specialised reports provide the crucial financial assurance and risk management your bank requires to release funds associated with your construction loan.
The average cost of a Bank Drawdown Report prepared by Elemental QS typically ranges from $900–$1,200 + GST, providing lenders with independent cost‑to‑complete assessments and progress verification to support safe fund release throughout your construction project.
Our Drawdown Reports provide provides certainty for your project's budget and ensures your bank receives the professional documentation they require to release your funds.
Elemental QS typically prepares a Bank Drawdown Report within 3 working days, allowing lenders to release funds quickly and helping keep your construction project on schedule.
An Initial QS Report is a pre-construction risk assessment for your New Zealand bank. We analyse all plans and contracts against their brief to validate the budget and feasibility, securing your loan approval.
A Bank Drawdown Report occurs during construction. We inspect site progress to verify completed work, authorizing your bank to release funds for your project.
Elemental Quantity Surveyors provides nationwide coverage across New Zealand, servicing clients in Auckland, Wellington, Christchurch, Hamilton, Tauranga, Dunedin, Wanaka, Queenstown, and all surrounding regions. We also support projects in provincial and rural areas, ensuring consistent, independent QS reporting wherever your development is located.
Elemental QS’s Bank Drawdown Reports are accepted by all major New Zealand banks, including ANZ, ASB, BNZ, Westpac, and Kiwibank, as well as a wide range of non‑bank and private lenders. Our reporting aligns with standard lender requirements for cost‑to‑complete assessments, initial reports, and progress drawdowns, ensuring smooth and timely fund release for your project.
