Yes! We can help you finance your new Keith Hay transportable home during the construction phase until normal bank finance can be uplifted
Have you ever visited a mortgage broker or a bank and they have said they cannot lend on a Keith Hay or a transportable home? Well this is incorrect! What they are saying is that they do not allow mortgage funds to be uplifted for progress payments during construction. Once Keith Hay Homes understands your personal finance details we can work with you to structure the correct progress payments to meet the requirements of your bank. This needs to be completed prior to you approaching the bank.
Keith Hay Homes have helped so many first home and low equity buyers over the last 80 plus years into their new homes, despite the media and banks saying they do not lend or advance progress payments on transportable homes. One of Keith Hay’s core values and beliefs is that every person should have the opportunity to own their own home. Although we would like to help all first home buyers, we have limited availability nationwide, so please read the information below and contact your local branch to apply.
When enquiring to purchase your new transportable home, it is highly important that you discuss your financial situation with your Home Consultant. Remember we are here to help ensure your loan is approved.
We will need to gain an understanding of the following:
How much deposit have you got for your new home and how is this made up? Is it made up of:
In most cases the bank will want a fixed price contract to include the site services and code of compliance for the site. On request in your first enquiry your Home Consultant will include site services in all estimates and fixed price contract agreements.
Do you own the section or are you planning to purchase the section? If purchasing, what is the cost of the section and have you got a separate deposit for the land or the deposit you have should cover house and land? Are you building on a relatives land and they are gifting it to you?
Once your consultant understands this information and your key requirements, they will produce an estimated price of your new home and a proposed progress payment sheet which will be required for your bank to give a pre-approval.
The bank will then require you to meet several conditions in order to gain loan approval. Some of the common conditions/requirements you will need are:
A fixed price contract
Prior to gaining a fixed price contract you must firstly accept the estimate price and sign a Preliminary Fee Agreement. At this stage a minimum deposit is required. You will also need to pay an additional amount for any site reports required to gain a fixed price contract. As we understand exactly what information is required from these reports it is highly recommended that you allow us to request these reports on your behalf. We often see clients paying more than they need to as they have not asked for the correct information. Once we have all the site reports and understand the requirements of your site we can go ahead and provide you with a fixed price contract.
Your fixed price contract will require a solicitor’s approval. To ensure you are not entering into a contract agreement that you don’t understand. Our contract agreement is tailor made for your home, site and finance requirements. Your Home Consultant will go through the contract agreement with you and it is highly advantageous that you clearly understand the clauses, inclusions and exclusions as this will ensure you spend less time and money with your solicitor. If you are not sure ask the question.
Your bank will more than likely request a market value of your home and land as a proposed completed item. If you send the contract plans and elevations to the valuer prior to the fixed price contract being produced, this will help speed up your process. Please ensure you get valuer’s contact details from your banks preferred valuer list.
A building consent approval
Once you have signed your fixed price contract and gone unconditional we will prepare building consent plans, have the structural engineering attended to and lodge the building consent application. Estimated timeframes for this process will all be included in your fixed price contract.
Keith Hay Homes Guarantee
Each Keith Hay Home carries a personal guarantee from our Managing Director that your home will be completed. Unlike other guarantees in the market it is a personal guarantee for 100% of your contract value. Your investment is safe with us!