We give you some of the ins and outs of bank financing for a prefabricated house.
Many banks have their policies on progress payments, how much and when they will pay. It is also important for you to know that Tasbuilt can negotiate with your bank to arrange the progress payments in a way that suits them.
If you cannot raise that necessary equity or provide a guarantor, we would be happy to adjust the progress payment structure, providing we had a secure contract and guarantee from your bank that they have approved your loan and will make the payment once the house is on your site.
For a bank to loan money to you to purchase a home, banks will need some form of security for the loan whilst the home is still under construction. In the case of a conventional home built, the security is mostly a mortgage on the land plus the portion of the house that has been constructed to date. With a modular home, the bank will only have your land as security during the construction phase.
The majority of our modular homes are constructed off-site in a factory and therefore built on a different premise to the mortgaged block of land. This means that the bank has no mortgage, and therefore no security, on the modular home whilst it's still under construction.
Tasbuilt takes care of the entire project from council application through to connecting the services—all under one fixed contract price.
Our experienced team will work with you to design a customised home that represents your individual taste and requirements.
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