No, we do not provide long term finance for our homes. However we can provide bridging finance to help facilitate your lenders requirements. Some banks are reluctant to finance a manufactured home due to them having limited security of their funds during the offsite manufacturing process.
Once the home has been delivered to site, the bank regains full security of their investment and is happy to release funds. In these situations, we can help by offering alternative payment terms or recommending the most favorable banks to work with.
Most banks have a specific transportable building mortgage product specifically tailored for buildings constructed in a factory environment (offsite) and then delivered to site (onsite).
We recommend in the first instance to talk to your existing bank to see the level of finance available to you, based on your individual circumstances, then our team can advise the best new home options to suit your budget and supply all the documentation required for your finance approval.
We may consider alternative payment arrangements to suit your bank lending criteria. Options can be discussed on a case by case basis.
1. INITIAL PAYMENT: (5% of the Contract Price) Payable within 7 days upon signing of the construction contract. Less any design fee paid under a Home Start Agreement for Design, Consent and Detailed Pricing.
2. CONSTRUCTION PAYMENT: (45% of the Contract Price) Payable within 7 days after issue of Building Consent and prior to start of construction.
3. LOCKUP STAGE: (20% of the Contract Price) Payable within 7 days upon passing the Post Wrap / Cavity / Post Line inspection with RAB Board and exterior windows and doors installed.
4. PRACTICLE COMPLETION: (20% of the Contract Price) Payable within 7 days of passing the Factory Practical Completion inspection and in accordance with the obligations contained in the contract but prior to transportation.
5. CODE OF COMPLIANCE: (10% of the Contract Price) Payable within 7 days of South Peak Homes completing all contracted works in accordance with the obligations contained in the contract.
Find out how we can help with your new home building needs today! Send us an enquiry and we’ll be back in touch to discuss things further. We deliver our homes South Island wide, subject to good truck access.
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