Better Bank Finance
Obtaining direct bank finance is one of the top-three issues our Members have, keeping them awake at night. PrefabNZ is working with several major banks and finance professionals to bring about simple solutions that enable:
- first-home buyers to purchase a transportable house using a Traditional Mortgage
- residential clients to access a multi-year Builders Warranty that guarantees the deposit and defective work
- commercial clients to utilise prefabricated panels and pods without secondary finance
On March 14 2019, Westpac is the first bank to launch a dedicated mortgage product aimed at helping get Kiwis into prefabricated homes. Read more here. Ka
On May 8 2018, Westpac announced their finance package for home purchasers of transportable housing - see more at their website here.
PrefabNZ is working with several primary banks and other secondary lenders to bring more finance options to market to enable prefabricated housing systems to be more accessible for first-home buyers, either as stand-alone transportable homes, or more importantly as future-proofed multi-unit options using 'pod + panel' technologies.
PrefabNZ has also submitted papers and information about the UK panel for Finance, Assurance and Insurance to the Ministers of Housing and Urban Development (Minister Twyford), and Building and Construction (Minister Salesa). We are asking for the government to lead the establishment of a similar working group as the UK. Through the Chair of the working group, Mark Farmer, we also have access to their meeting information and terms of reference to assist in setting up a parallel working group in New Zealand. Get in touch if you are interested to learn more.
Keep your eyes peeled for more announcements in the next few months as these finance products are brought to market. Or get in touch email@example.com
08-05-18 Westpac bank announces pilot to finance prefab homes. Read more here