As the lifeblood of modern life in Australia, the construction industry is constantly innovating, finding new ways to build faster and smarter. Modular and prefabricated construction is just one of many ways we have found to deliver high-quality homes to more Australians.
As a leading modular construction company, we get a lot of specific questions about modular vs. prefabricated homes, which is best, and what each one means for new home builders. Read on as we break down the elements of each construction method and how financing for these homes just got easier, thanks to Swanbuild being named an official CommBank Assessed Manufacturer for their Prefab loans.
Modular Vs Prefabricated
Broadly speaking, prefabricated homes are homes that include some or all elements manufactured off-site before being shipped to your site. These can consist of individual elements, such as wall panels and roofs, or entire homes. Modular homes are fully constructed, prefabricated off-site, then split into individual modules for on-site reassembly. While all modular homes are prefabricated, not all prefabricated homes are modular. At Swanbuild, we build modular homes, which we build to 95% completion in our factory before transporting them to your site for the final finishing touches and installation.
Financing
Traditionally, home loan structures have meant that funds are released only when your home reaches certain levels of on-site completion. For modular homes, this has posed challenges, as they are almost entirely constructed off-site. Recent changes in the construction industry, with the renewed push to solve the housing crisis, has resulted in CommBank being the first of the big four banks to release a specific home loan designed for Prefab and modular customers. For our clients, because Swanbuild is an official CommBank Assessed Manufacturer, they have an easier path to financing and can move into their new homes faster.
Learn more about prefab loans on the CommBank website, and as always, reach out to the Swanbuild team if you have any questions about the modular process.