Loans for Snowgum Homes
Some lenders don’t understand transportable homes
The majority of banks do not have formal policies for transportable homes. In fact many of the bank managers and mortgage brokers have never lent money for them before. Because of this you may need to talk to a couple of lenders or a specialist mortgage broker such as Transportable Home Finance.
Talk to your bank about our progress payments
When you apply for your loan ask your bank if they can work with our progress payment schedule. Some lenders refuse to release funds prior to the house being complete and on site while others have restrictions on funding loans for park homes or granny flats.
Houses, holiday houses and rural properties
Transportable homes from our range on land that you own are the easiest to finance. Lenders can release funds by relying on the current equity in your land. If you are a first home buyer or have very little equity then a guarantor can be used to release funds prior to the house being on site.
Properties in remote locations or towns with a population of less than 1,000 can be more difficult to finance because of lender location restrictions. Not every lender has the same location restrictions, so shop around to find one that can help.
Land over 50 hectares and income producing farms usually require a commercial loan rather than a residential loan. Hobby farms and properties under 50 hectares should be ok with most lenders.
If you are building one of our granny flats on land that you already own then you can usually release the funds by relying on the equity in your current home. A couple of lenders put restrictions on the amount of money that they will lend for properties with more than one dwelling on them. Again shop around until you find a bank that can help.
Park cabins / Homes in Caravan Parks / Over 50’s villages
Currently there are no lenders in Australia that can approve loans for homes located in Manufactured Home Parks. Because you rent the land and own the house the lender cannot use a mortgage to finance your purchase. Many people have been able to fund their purchase with a personal loan of up to $50,000.
If you are building a Single or Cabin house from our Standard range on a block of land that you own (not leased) then refer to the above Houses, holiday houses and rural properties section.
Do you need help with your loan?
If you aren’t having any luck with your bank then contact a transportable home loan specialist. Transportable Home Finance is the only mortgage broker in Australia that specialises in lending for transportable homes