The modular home industry in Western Australia has received a major boost, thanks to Bankwest’s latest initiative to support modular home financing. Recognising the growing demand for high-quality, efficient housing solutions, Bankwest has introduced a new progress payment structure, making it easier than ever for homeowners to secure funding for modular builds.
Breaking Down the New Finance Option
Traditionally, financing a modular home has been challenging due to the way these homes are built off-site before being delivered and installed. Many lenders have required large upfront payments or restricted modular financing to specific loan products. However, Bankwest is changing the game by introducing an additional payment stage.
This new progress payment structure allows customers to access funding for 90-95% of their land value at an earlier stage, reducing financial strain on both homeowners and builders. This shift is designed to remove barriers that have previously made securing finance for modular homes difficult.
Bankwest General Manager Peter Bouhlas highlighted the significance of this change, stating:
“Bankwest strives to be a simple, easy bank for Australian homeowners, and we believe this is a valuable change for customers and builders alike… Modular construction can reduce build times from two years to as little as 20 weeks.”
Modular Homes: The Future of Housing
Bankwest’s support is a clear sign that modular homes are becoming more widely accepted in the financial sector. Once viewed as a niche alternative, modular construction is now being recognised for its speed, affordability, and adherence to rigorous building standards.
With ongoing housing shortages, particularly in regional WA, modular homes provide an innovative solution that can deliver high-quality residences in a fraction of the time of traditional builds. The increasing willingness of major banks like Bankwest to support modular home financing reflects a growing confidence in this method of construction.
Why This Matters for Homeowners
For those considering a modular home, this new financing option represents a huge opportunity. With fewer financial hurdles and a streamlined loan structure, more Western Australians can access the benefits of modular housing—whether it’s a spacious family home, a stylish modern retreat, or a practical farm dwelling.
If you’re interested in building a modular home, now is the time to explore your options. At Modular WA, we work closely with experienced brokers and lenders to ensure our clients get the best possible finance solutions.
Read More about Bankwest’s Finance Options:
https://www.bankwest.com.au/home-loans
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