Mobile home financing depends on the type of house
Did you know that the term “mobile homes” is used for two complete different styles of dwellings?
Firstly there are caravan style mobile homes that have wheels and can be driven to a new site. This type of home can also be referred to as a motor home.
Secondly there are manufactured homes that do not have wheels and have to be loaded onto a truck to be moved. They are halfway between a motor home and a normal house, because they can be moved but only with significant effort and expense.
Both of these homes are used in mobile home parks which are also known as manufactured home parks in QLD. In these parks you own the house however the land is leased under a site agreement. Some of these parks are over 50’s villages whilst others are for tourist or holiday accommodation.
Financing mobile homes is easy!
If your home has wheels and can be bought new or used from a dealer then there are endless finance options available to you. Mobile home loans are usually in the form of a finance lease or chattel mortgage which allow you to pay your home off over 5 years. Contact us to find out about the competitive rates available from our specialist motor home lenders.
Manufactured home parks are impossible to finance
Manufactured homes located on leasehold land cannot be financed. Unfortunately there are no lenders willing to take them as security. So how can you buy them without saving the money? The only way they can be financed is if a friend or family member borrows in their name using their own property and then lends the money to you.
Contact us if you believe this strategy may work for your situation. Don’t forget that a mobile home located in a park can still be financed as long as they have wheels.
Where are mobile homes used?
Mobile or motor homes are used Australia wide however they have become especially popular in QLD, NSW and VIC. Companies such as Kea Campers, Swagman Motorhomes, Paradise Motorhomes or Matilda Motorhomes have all become quite popular with baby boomers that are retiring and looking to tour Australia.
On the other hand manufactured homes (without wheels) are popular along the east coast of Australia and are commonly manufactured by builders such as Fleetwood, Parkwood and Timberline for the various parks around Australia.
Do you need help with finance?
We specialise in financing motor homes and mobile homes, so don’t hesitate to enquire online or call us to obtain an obligation free quote.
Where to from here?
- Take a look at our Frequently Asked Questions (FAQ).
- Read about our popular equity loans or guarantor loans.
- Send us your full details to get an obligation free quote.
- Download our Transportable Home Finance brochure.
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