Westbuilt Homes is here to help you organise your home loan

The process of securing a home loan for the purchase of a modular home is a little bit different compared to securing a loan for a traditionally built house.

Here’s why….

How to get your new modular home financed

What you need to tell your home loan provider

From our experience, we recommend that you approach your preferred bank or credit union very early in your decision making process and make them aware of your intentions and how much you will be needing to borrow. Depending on your equity and overall financial situation, your bank or credit union 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 and that you are not purchasing a kit home (AKA a flat pack home). Kit homes are much more of a challenge to secure a loan for. 

Helping you secure a loan for your modular home 

Banks will often advise that they will not release any payment to a home builder until the home is fully completed, or at least installed on-site. To overcome the issue as to a lack of security, most modular builders (such as Westbuilt Homes!) will help negotiate with the bank to amend the standard payment terms.

We are able to work around the usual payment terms on the condition that the bank provides us with a copy of the loan approval and a ‘to-be-built’ valuation.

If your bank will not release payments until practical completion of the project, a 1.5% finance surcharge will be added to your purchase price. This is to cover the cost of Westbuilt providing debtor finance for the home while it is still in the factory.

Talk to our valued finance contacts 

Over the years, Westbuilt has developed a working relationship with both Aussie Home Loans and the Regional Australia Bank in order to help our customers smoothly secure financing. 

You can contact either Trina Farren-Price or Mark Amos on the details below. Both Trina and Mark understand the ins and outs of financing a modular home and will be able to work with you and help you get the best rates possible.