Building a modular home is an exciting step. One of the first questions you’ll likely face is: What are my finance options? At MIRA Residential, we work with clients across Western Australia every day who are navigating this very question. The good news is: modular home financing is becoming more accessible than ever, thanks to growing support from major banks and alternative lenders.
Here’s everything you need to know.
Why Modular Finance Works a Bit Differently
Modular homes are built off-site and transported to your land for installation. This means the payment structure for your builder may differ from traditional “on-site” builds. Traditional construction loans follow stages like slab, frame, and lock-up. With modular, much of the work is completed before delivery, so lenders need to be flexible with how and when they release funds.
This is why it’s important to work with lenders who understand the unique construction schedule of modular building, and why MIRA provides the right documentation to support the process.
Banks Offering Modular Home Finance in WA
Commonwealth Bank (CommBank)
CommBank has taken the lead in modular-friendly finance. Their construction loans now allow up to 60% of the build cost to be paid upfront, with staged payments that align with modular construction. Clients may also access up to 80% loan-to-value ratio (LVR) when building with an accredited builder like MIRA Residential.
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Flexible staged payments during off-site construction
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Higher LVR options available with accredited builders
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Minimal delays in funding once documentation is approved
National Australia Bank (NAB)
NAB’s construction loans can be tailored for modular homes. While not specifically marketed as modular finance, NAB works with builders and brokers to adjust progress payments in line with off-site building schedules.
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Standard construction loans with adaptable structures
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Requires comprehensive building documentation
Bankwest
Bankwest has adjusted its lending policies to better support modular homes, allowing for an additional progress payment stage. This helps finance early phases of off-site construction. They also offer up to 95% land value financing under certain conditions.
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Modular-friendly payment terms
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No Lenders Mortgage Insurance (LMI) for loans under 80% LVR
Westpac
Westpac offers construction loans that can be aligned with modular build schedules. Progress payments are released at set stages, which can be adapted with the right documentation.
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Progress payments available for modular builds
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May require upfront detail on construction phases
ANZ
ANZ’s construction loans are not specific to modular homes but can work on a case-by-case basis. The key is having a clear contract, approved plans, and a reputable builder.
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Suitable for modular projects with strong documentation
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Requires early communication with lending team
Government and Alternative Lending Options
Keystart (WA Government)
Keystart provides low-deposit home loans to eligible West Australians. While traditionally focused on conventional homes, they may consider modular projects on a case-by-case basis.
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Low deposit requirements
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First-homebuyer-friendly
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May require additional assessment for off-site construction
Non-Bank Lenders
Alternative lenders such as Pepper Money, Liberty Financial, and La Trobe Financial offer flexible loan products, which can be a good option if traditional lenders aren’t a fit. These lenders often consider modular homes with less rigid requirements.
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More adaptable approval criteria
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Helpful for unique or non-standard builds
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Brokers can assist in matching you with the right lender
What You’ll Need to Apply
To get finance approved for a modular build, lenders typically ask for:
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A signed building contract with a clear payment schedule
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Council-approved plans and engineering documentation
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Proof of land ownership or land purchase contract
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Financial documentation (income, assets, liabilities)
Some lenders may also request a valuation or quantity surveyor report before releasing funds.
How MIRA Can Help
At MIRA Residential, we understand the modular process inside and out—and we make it easier for your lender to do the same. We’ll:
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Provide clear contracts and build documentation
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Work with your broker or banker to ensure smooth approvals
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Recommend finance professionals who understand modular construction
We’re here to make every step of your building journey—from design to delivery—efficient, transparent, and supported.
Ready to Discuss Your Options?
If you’re considering building a modular home and need guidance on financing, reach out to our team. We’re happy to connect you with the right people and help you take the next step toward your new home.