Pre-built homes in Australia promise affordability, ready in 12 weeks

The Commonwealth Bank is making it easier for Australians to finance prefabricated homes, which are faster and cheaper to build than traditional houses.

These homes are constructed in a controlled factory environment in just 12 weeks before being transported and assembled on-site.

As the first major Australian lender to support this sector, the bank will allow customers to access up to 60% of the total contract price through progress payments before the home is affixed to the land.

Previously, buyers had to cover up to 90% of upfront costs, making financing a challenge.

While prefabricated homes offer efficiency, they come with fewer design options. However, Commonwealth Bank’s policy changes aim to remove financial barriers and boost housing supply.

The bank is also developing a standard-form contract for prefabricated housing, similar to those used in traditional construction, to make financing and purchasing easier.

Industry leaders, including Damien Crough of prefabAUS, emphasize that these changes will help scale up prefabricated housing, providing a faster, high-quality solution to Australia’s housing crisis.

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