Despite administrators finding construction companies to finish around 200 of the affected properties across Victoria, about 100 homes remain languishing with no one willing to take them on.

Many of those caught up in the saga say they are being stretched to the limit financially as they juggle rent with a mortgage, following news late last month that Watersun had been placed into voluntary administration.

Cafe owner Satwant Singh said he signed a contract with Watersun to build his family's dream home in June 2015 - a year before the birth of his daughter.

That child is now aged one, and the couple's dream house in Winter Valley, a new housing estate on Ballarat's fringes, has turned into a "never-ending nightmare".

"The structure itself needs to be completely painted and tiled," he said.

"We've still got wardrobes to go in, there are no kitchen appliances or bench tops yet.

"It's basically just a shell inside."

Mr Singh said independent builders also inspected the house on his behalf and raised serious concerns about the workmanship, including leaking roof cladding.

"The builders we got to look inside said the entire structure of the house is faulty," he said.

"When we have asked other builders if they could take on the job they've refused because they will have to offer a guarantee for the faulty works already undertaken."

Many of the home owners left without a replacement builder are relying on compulsory domestic building insurance to cover the outstanding costs of finishing the home, although this compensation will stretch to only 20 per cent of the building contract price.

Administrators Rodgers Reidy said on Tuesday it was still negotiating with three builders who had already agreed to complete about 200 Watersun contracts to take on further properties.

The builders are Mega Homes, VM Builders and Ric Jelfs Custom Homes.

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Rodgers Reidy director Mathew Gollant??? said: "I think in some of the instances the build costs in regional area are higher ??? the projects may no have longer been attractive.

"Where the administrator has not been able to secure a builder to complete their homes, those owners will need to make their own arrangements to find a builder to complete their homes."

Shepparton father-of-two Kevin Holtham said he was still waiting to find out if another builder would take on the job of building his house in Kialla.

Only the sub-floor plumbing is complete, ready for the slab to be poured, he said.

"Rodgers Reidy said in the first media reports that all the houses were going to be completed, now it's only 200," Mr Holtham said.

A number of the families caught up in the collapse are expecting babies within the coming months, including Matthew Filmer and fiance Ebony Murner, who is 32 weeks pregnant.

The couple say they have paid all but around $1800 of the costs to build their new home, in the town of Meredith, about 100 kilometres west of Melbourne.

But Ms Murner said it needed another $70,000 spent on it (including installation of hot water, blinds, carpet and appliances) to make it liveable before the baby arrives in May.

"So there is simply no money for someone to take on our case," she said.

"I can't even begin to explain how it feels. I think I've just had to switch myself off, just not to stress about this. I can't afford to go into early labour."

A meeting of creditors will be held next Wednesday, April 5, to decide whether Watersun Homes should be liquidated.