Financing a Modular Home Build.
In a groundbreaking development for modular home building, Bankwest has introduced an additional progress payment to support modular property construction in WA. This move will help remove some barriers to modular home-buying in regional WA, making dreams of modular living a tangible reality.
As stated in Bankwest’s media release;
The builds maintain adherence to building and construction standards while generally being more affordable and significantly quicker to complete than on-site dwellings, making them an appealing option in the current market.
You can read the media statement in full here.
Extra Progress Payment for Modular Home Builds
Previously, mortgages for prefabricated homes typically involved two progress payments at the deposit and completion stages, requiring builders to carry the full cost of the build until handover. However, this change allows Bankwest customers to authorise an additional payment stage for between 90-95% of the value of their land. This reduces the risk for both parties during construction and will help more regional West Australians get into their own homes.
Modular Homes are the Future of Home Building
Bankwest’s latest announcement represents a significant leap forward in modular home financing. The bank’s progressive stance aims to support and boost the modular home industry, recognising the increasing popularity of this innovative housing solution. This progress payment adjustment will undoubtedly ease the financial journey for individuals embarking on the construction of their modular dream homes.
Taking the First Step towards Modular Home Building.
If you’re thinking of building a modular home in regional Western Australia with TR Homes, now is the perfect time to explore the possibilities. Engage with the experts at TR Homes by calling 9493 2998 or emailing info@trhomes.com.au.
With over 50 years of experience, TR Homes is WA’s true country builder, ready to discuss and guide you through the exciting journey of bringing your modular dream home to life.
