Yes, you can get finance for a Modular Home!

Building your dream home is an exciting journey, and modular homes offer a faster, more efficient path to homeownership. However, financing a modular home can be different to traditional home loans. Here’s what you need to know to secure the best finance options for your modular home.

Financing Your Modular Home: What You Need to Know

Historically, securing finance for modular homes has had its challenges. In the past, traditional lenders have been cautious due to the off-site construction process, however, as modular construction becomes more widespread, we have found that lenders better understand exactly what building modular entails, and as such, financing options have expanded. It’s important to note that not all modular builders accept financed clients. Some may require you to either be fully self-funded (a “cash buyer”) or use their specific finance products, so it’s important to check before choosing which builder to go with.

Modular WA is flexible — allowing you the option of choice.

We’ll accept most finance options (including both modular-specific and regular traditional loans). Why? Because we’re a large, reputable company with a strong financial record, allowing us to absorb more risk than other smaller modular builders. Unfortunately smaller modular builders often can’t afford to bankroll the construction of too many financed homes at once, unlike an experienced, well-established business like ours.

Key Financing Benefits with Modular WA

✅	No progress payments required during construction Unlike many builders, Modular WA does not require staged payments throughout the build. Instead, you pay an initial deposit upfront, and the final payment is made once the home is completed and delivered.
✅	We work with reliable brokers Need help securing the best loan? We can connect you with trusted brokers who specialize in modular home finance.

What to Watch Out for When Financing a Modular Home

While financing a modular home is becoming easier, there are still pitfalls to avoid:

⚠️	Choosing the wrong lender Not all banks understand modular home financing. Working with a lender experienced in modular loans can prevent unnecessary delays and complications. Make sure you get into your home faster, by choosing the right lender.
⚠️	Overlooking Expiry Dates Pre-approvals typically have an expiry period (often 90 days). If delays occur or you apply too early in the process, you may need to re-apply for approval again or update your financial details with the lender.
⚠️	Skipping Professional Advice A modular home finance specialist or broker can help you navigate the process and secure the best deal for you.

Should I Use A Finance Broker?

Working with a finance broker who specialises in modular homes can save you time, stress, and potential delays.
Modular WA has several exceptional finance brokers we can put you in touch with upon request.

Modular Expertise: Brokers know the unique needs of modular projects and present your case clearly to lenders.
Avoid Delays: Some traditional banks may not understand modular homes, but a specialist broker ensures a smoother process.
Streamlined Process: They guide you through the entire financing process, making it efficient and hassle-free.
Expert Advice: A specialist broker helps you avoid common mistakes and helps you to secure the best deal.

How Can We Help?

Not only can our expert sales team can offer tips and guidance to get you started, we have several exceptional finance brokers available for referral. They’ll be able to answer your more complex questions and guide you through the process, ensuring you secure the best loan and rate for your modular home.

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