Do Bank Finance Tiny Homes?
In some cases, banks finance tiny homes. Tiny houses fall into a housing category of their own. The Australian government categorises them as caravans. Therefore, some banks offer caravan loans. It’s tempting to apply for a mortgage to finance this purchase. However, it doesn’t meet the minimum home loan threshold. Most lenders require a minimum of $100,000. Even the high-end tiny house doesn’t reach this threshold.
Mortgage House is a non-bank lender that opened its doors in 1986. Since then, we have provided innovative solutions in the lending market. We also have a minimum threshold for our mortgages but we offer other financing solutions. In some cases, it makes sense to borrow a personal loan. If the individual is already a homeowner, they can leverage their property’s home equity into a loan to finance the tiny home purchase.
Our loan specialists at Mortgage House place a focus on understanding the applicant’s current financial situation. Then, they aim to understand their goals. Put together, our team can find the best product for most situations. Moreover, once an applicant becomes a Mortgage House client, you receive access to our other loan products. We can help individuals consolidate their debt and finance their children’s higher education.
We also offer helpful online tools such as the car loan calculator.
Do Banks Finance Tiny Homes Conclusion
Some banks finance tiny homes. However, they use different types of loans to finance the purchase. Non-bank lender Mortgage House also helps individuals obtain financing for these purchases. Contact our loan specialists to gather more information.