FINANCING YOUR MODULAR HOME LOAN
PLANNING YOUR MODULAR HOME LOAN
From our experience, we recommend that you approach your bank or credit union very early in the building process and make them aware of your intentions and how much you will be needing to loan. Depending on your equity and overall financial situation, the institution will then advise how they can assist you.
It will be necessary to explain to the bank that they will be financing a fully completed new home, no different at all to a new home which may be built on site (it is not a kit home).
Banks will often advise that they will not release any payment to the builder until the home is fully completed, or at least installed on site. We are able to work with this arrangement on the condition that the bank will provide us a copy of the loan approval and a ‘to-be-built’ valuation.
If the bank will not release payments until practical completion of the project, a 1% finance surcharge will be included in your investment to cover our financing costs.
HELPING YOU SOURCE A LOAN FOR YOUR MODULAR HOME
Westbuilt has developed a working relationship with Aussie Home Loans and the Regional Australia Bank. You can contact either Trina Farren-Price or Kim Allan on the details below. Both Trina and Kim understand the challenges of financing a relocatable home and will be able to work with you and help you get the best rates possible.
Whether banks provide home loans or finance for modular or relocatable homes is a much-discussed topic! Financing your lovely new home is very important, and finding the right lender for you is critical. The short answer to the question is, yes, banks do home loans for relocatable homes! Each lender has different rules, and everyone’s situation is different. Our experience is that most lenders will provide finance on a relocatable home just the same as any conventional home. So, read on to find out more about getting finance on relocatable homes.