Firstly it is not a relocatable home, but a permanently set home exactly the same as a an offsite home. Any modular home funding problem that is almost exclusive to Australia, because there is little competition between banks. Offsite building has become the norm in the USA and parts of Europe including Sweden and Norway (Warren Buffet owns the largest modular home company in the world and his homes are funded in exactly the same as any traditionally built home). Bank loans for off site built homes are
readily available in most other countries.
A 20% deposit is the norm for an Australian offsite manufactured home. If you have owned your property for a few years and are looking to add a granny flat, you may have built up enough equity to finance it 100% without the need for a separate deposit.  Home equity is the difference between your property’s market value and the balance of your mortgage.
We work with specialist brokers who can advise you on the accessible equity you have in your property, in order to add a granny flat.
If your property does not have enough equity to finance the build of a granny flat, you have other options. For example, a construction loan may be a suitable alternative. A construction loan may involve restructuring your current loan to include the cost of building the granny flat.
A construction loan works differently to a traditional home loan, as the funds will be available in stages to make the deposit and progress payments the builder. Again, our licensed finance brokers can assist here. There is no charge for their expert up front advice.