Financing a transportable home is not the same as financing a traditionally built residential home. The most notable difference is that lenders generally, will not make progress payments on transportable homes.

This occurs as a lenders security (the Mortgage) is registered on the land. The security value of a traditionally built home continues to increase during the construction process as the home progresses. Therefore, progress claims do not present an issue as the lenders security is increasing throughout construction.

The construction process is different for transportable homes as its manufactured in a factory instead of on the land. This means that the increase in the lenders security position for a transportable home only occurs once the home is complete and attached to services on site.

 

For further information on transportable home finance, fill in your details below and our experienced Resolve Home Loan Specialist will contact you.