Southland building company helps Kiwis get closer to home ownership

New Zealand’s first ever mortgage product dedicated to prefabricated homes is making Southlanders’ home ownership dreams a reality.

Southland company Exceed Homes is delivering the first South Island home funded by the innovative Westpac Prebuilt home loan product to its new owners on June 14.

Previously, borrowing for a prefab home has often been a frustrating experience, because of the complex issues around security of the house while it’s being built off-site.

Exceed Homes owners Jade McNamara and Sarah Bohm said the company had been working with Westpac NZ on a solution since last year.

“I approached Westpac with my concerns to figure out if we could come up with a solution that would be a win for both of us,” Mr McNamara says.

Fortunately, Westpac was running a pilot for prefab home loans in the North Island at the time, and brought Exceed Homes in as its South Island partner.

Exceed Homes builds houses at its yard in Invercargill, with the finished home then being transported to its final site. Buyers have a multitude of designs and layouts to choose from, ranging from stylish one-bedroom units to grand four-bedroom houses.

Prefab homes are typically cheaper to build than traditional houses and maintain flexibility in their design to reflect the owner’s individual requirements. Their affordability and faster build time make them an attractive option for first home buyers.

Westpac NZ Home Ownership Senior Manager Mark Dunmore says he hopes prefabricated homes will bring the home ownership dream within reach for more New Zealanders.

“We’ve always been about helping Kiwis get into their first homes sooner, and this is one way we can do that, in Southland and around the country.

“This partnership opens up so many options that people have never had before. We’re really excited about the future of home ownership in New Zealand.”

Invercargill Mayor Sir Tim Shadbolt says it’s fantastic to see Southland lead the way.

“We’ve got so many people out there just getting on with things and making a difference for not only their fellow Southlanders, but for their fellow Kiwis,” he says.

“Jade taking the initiative approaching Westpac could end up helping so many people – it’s amazing how the actions of one person can benefit so many others.”

Prior to the partnership, Mr McNamara talked to many people who were interested in buying prefab houses because they’re a more affordable option, but couldn’t obtain finance.

“It just left people more despondent about the housing market, especially first-time home buyers, and they would drop out of pursuing home ownership altogether,” he said.

Typically, a prefab build takes 16 weeks, is fully finished with chattels, paint, floor coverings and joinery, and is code compliant before it leaves the Exceed Homes yard.

“Because these homes are brand new, they’re insulated, warm and healthy,” Mr McNamara says.

“That’s something we know a lot of people struggle with, so to not only make home ownership more achievable but to actually know these homes are improving the health of Kiwis is a great feeling.”

From Left: Exceed Homes Owner Sarah Bohm, new homeowner Sally Macrae, Westpac Personal Manager Jason Hughes, Invercargill Mayor Tim Shadbolt, and Exceed Homes Owner Jade Mcnamara inspect Sally’s home before it’s loaded on to the transport vehicle today.