Draw 1
Order
Deposit paid and factory slot booked.
10%$42,000
Modular Build Finance
Let's build the homes that bring the cost down.
Modular was always the answer. Finance held it back, until now.
Woolong funds your factory-built homes stage by stage as they're made, then turns the facility into 1 simple term loan the day the keys are handed over.
- 5certified draws
- 6months to build
- 10years to repay
For Australian companies and super fund company trustees.
Why modular, why now
Australia needs more homes, and factories can now build them faster than ever. The missing piece was finance that understands how a modular home is made.
The need
More homes, more room to live.
When we build enough homes, the cost of housing eases and more people find a place to call home.
The answer
Modular builds them beautifully fast.
Homes take shape in the factory, panel by panel and safe from the weather, while the site is readied, then arrive finished and ready to connect.
The unlock
And now the finance is here.
Modular Build Finance pays for each stage as it's built, so modular homes can finally rise at the scale we need.
How it works
1 facility carries your home from the factory floor to its first tenants, in 4 simple stages.
01
Apply online
About 20 minutes
Tell us about your company and its directors, and share your plans and the builder's contract.
02
Get your offer
Valuation and approval
An independent valuer reports on the home and the security, then your letter of offer arrives to sign online.
03
Build in 5 draws
Up to 6 months
As each stage is finished, a quantity surveyor certifies it and we pay your builder. Interest is added to the facility, so there's nothing to pay.
04
Hand over and repay
Up to 10 years
Your home is connected and handed over, and the facility becomes a principal and interest loan.
Your build, funded in 5 stages
Each draw pays your builder for a finished stage. A quantity surveyor certifies the stage first, and title to it passes to your company the same day.
Draw 2
Frame
Steel panels rolled, framed and inspected.
30%$126,000
Draw 3
Fit-out
Services, linings and bathroom pod installed.
30%$126,000
Draw 4
Delivery
Shipped to site and set on its footings.
20%$84,000
Draw 5
Handover
Connected, certified, keys released. Repayments begin.
10%$42,000
Sample schedule on a $420,000 facility. Your own schedule is set out in your letter of offer.
What you can build
Factory-built homes from an approved builder, on a site your company leases, licenses or owns. On a leased or licensed site they stay movable, set on screw piles with plug-in services.
Park cabins
Holiday and residential parks, on a lease or licence that runs at least as long as the loan.
Land lease community homes
Homes in land lease communities, on a site lease that runs at least as long as the loan.
Backyard units
A small second dwelling on the same lot as an existing house, let to tenants.
Multi-unit sites
Several dwellings on 1 landholding, set out under 1 site plan.
Knock down rebuilds
The old house comes down and a new modular home goes up on your company's land.
Residential developments
Townhouses and groups of homes, built modular on land your company owns.
Our builder panel
Woolong finances factory-built homes from the modular builders on our panel, and from other builders once they're approved. Every builder is paid direct as each stage is certified.
Who can borrow
Modular Build Finance is made for companies that build homes to rent, including super funds with a company as trustee.
Made for companies and super funds
Every borrower is an Australian company, or the company trustee of a self-managed super fund, that owns and rents its homes. Its directors stand behind the facility with a guarantee and a mortgage over property a director owns.
Borrower
An Australian company, or the company trustee of a self-managed super fund, that owns and rents the dwelling
Guarantors
Every director, each with independent legal advice
Your equity
At least 20% of the contract price, paid before the first draw
Security
The home, its land when your company owns it, and a mortgage over a director's property
The terms at a glance
1 facility from the first draw to the last repayment. These are the proposed terms for our first facilities.
1
Facility
From the first draw to the last repayment.
5
Draws
Each certified by an independent quantity surveyor.
6
Months to build
Interest is added to the facility while your home is built.
10
Years to repay
Principal and interest monthly from handover.
Checked at every step
Independent experts check the build, the value and the advice, and every document is signed and kept securely online.
Quantity surveyor
Certifies every draw
Each stage is checked against the plans and the build schedule before it's paid.
Independent valuer
Values the home and the security
At the start and every 2 years: in place and re-sited on a leased site, or the land and home together on your company's land.
Solicitors
Advise every guarantor
Each guarantor sees their own solicitor before signing.
- Signed with DocuSign eSignature
- Bank data through Basiq open banking, read only
- 256-bit encryption on every page
Questions people ask first
Who can borrow from Woolong?
Australian proprietary companies, and self-managed super funds with a company as trustee, that will own and rent the dwelling. Every director guarantees the loan.
When do repayments start?
At handover. During the build, interest is capitalised: it is added to the facility, and there is $0 to pay.
What dwellings are eligible?
Factory-built homes from an approved builder. Park cabins, land lease community homes, backyard units and multi-unit sites stay movable on their leased or licensed site: screw piles, plug-in services, nothing cast in. Knock down rebuilds and residential developments on your company's own land qualify too.
Let's get building.
Send us your plans and we'll shape a facility around your build.