Modular Home Financing

A modular home is built off-site in a factory and then assembled on your land. Unlike traditional homes, which are built entirely on-site, modular homes are quicker to construct, cost-effective, and often more environmentally friendly. Once completed, they look and function just like a traditional home.

Modular homes typically require a construction loan rather than a standard home loan, as the home is built in stages. Construction loans are drawn down progressively as the home is constructed, ensuring you only pay for the work as it’s completed.

A construction loan for a modular home is disbursed in stages, tied to the progress of the build. Once construction is complete, the loan can be converted into a regular mortgage. Shore Financial helps you manage this process, working with the builder and lender to ensure smooth funding.

Yes, you can. Shore Financial can help you secure a loan that combines the land purchase and modular home construction into a single package, streamlining the financing process.

Modular homes are often subject to specific valuation criteria, as they are prefabricated and assembled off-site. At Shore Financial, we ensure you get an accurate and fair valuation by working with lenders who understand the modular housing market.

Modular homes may be eligible for the same grants and incentives as traditional homes, such as first home buyer grants or stamp duty concessions. Our team can help you navigate these opportunities and maximise your benefits.

We specialise in modular home financing, meaning we understand the nuances of construction loans, lender requirements, and how to tailor a loan package to your project. Our team works with over 70 lenders to find the best solution for your needs.

1. Start the conversation with your lender/ Shore Financial specialist early. Before you begin your modular home journey, approach your mortgage broker. You will need to explain to the lender that you need modular home finance, not funding for a traditional build or kit home.
   
   
2. Get pre-approval. Once you have started the conversation with your lender, you can apply for pre-approval. You can do this before you have signed the contract with your modular home provider. This gives you an idea of how much you qualify for.
   
   
3. Choose a reputable builder. There are several modular home providers in Australia with good reputations. Confirm that your chosen service provider has the correct certification and insurance required to build your modular home. Your lender may also want to see the builder’s insurance.
   
   
4. Gather the correct approvals. It is most important that you have all the necessary building permits and approvals before you begin your process. Delays in approvals or registration can increase costs.