Financing a new home is a complex process with many moving parts. At Swanbuild, we are committed to helping make the process as seamless as possible for you
Once you have decided to build your home with us, you can expect to be kept in the loop and fully informed of what to expect at every step, as we provide you with the maximum home for your budget.
The Swanbuild Payment Schedule
- 5% Deposit upon signing of contracts
- 10% At the completion of base (Once all the steel construction has been completed for the base frame)
- 20% At the completion of the frame (Once all framing timber has been put in place)
- 30% At lock up stage (When all the windows are installed and the external cladding is on)
- 30% Prior to leaving the factory (The home is now complete and ready to be transported to site)
- Final balance on handover once all finishing details are complete.
Building a modular home is different from a traditional build in many ways. There are clear benefits: shorter time frame, reduced delays from weather and other external factors. However, one primary difference from a traditional build is the process of securing finance.
Why is financing a modular home different?
Different banks and financiers have different rules regarding how they will offer financing to someone wanting to build a modular home. Generally, when a bank provides a mortgage to build a home, they require a form of security for the mortgage while the house is being constructed. On a traditional building site, the security is the land and the portion of the home that has already been built. With modular homes, the bank only has the land as security until the house is complete and on-site.
How Swanbuild can help
Modular homes are different; unfortunately, some mortgage brokers need to be bought up to speed with the process and how it works. That's where we come in. As early as possible, we suggest you talk with your bank/financier and inform them of your intention to build a modular home. Notifying your bank will help avoid issues or confusion later in the building process.
Swanbuild can help you by outlining what you must say to the bank and providing all the information they need. We can even go one step further and provide a Swanbuild representative to be present with you when you talk to your bank or financier.
If you have yet to choose a preferred financier for your new home, we can utilize one of our many contacts to make the connection. We have built an impressive list of financing contacts throughout our many years of building homes. As a part of our commitment to working with you, we take an active role in ensuring you can secure the right financing for your build.
Take the first step and talk to a consultant at Swanbuild today. We are more than happy to answer any of your questions and get you on your way to your dream home.