You can get a tiny house loan through Westpac via their unsecured personal loan products.
You can get a tiny house loan through Westpac via their unsecured personal loan products. You can choose a fixed rate or variable rate loan for your tiny home. Variable rates can be higher than fixed rates but you generally have the ability to repay the loan sooner than the chosen loan term. With fixed rate loans, the rate is fixed for the term of the loan and early repayment charges may apply if you want to repay your loan earlier.
Westpac also offers a flexi-loan that is an ongoing line of credit facility you can access when you need to, without having to reapply. The interest rate for this more flexible product is significantly higher.
Westpac doesn’t currently offer a secured, dedicated tiny house loan (for tiny homes on wheels). You may be able to explore their home loan options if your tiny house meets minimum size requirements, has a fixed location and meets other credit requirements.
This product allows you to borrow between $4,000 and $50,000 towards your tiny home.
The loan term, if you choose this type of tiny house finance, is between 1 and 7 years.
Based on an example loan interest rate of 10% (check the bank’s website for current interest rates), a loan of $50,000 and a loan term of 7 years, your tiny home loan repayments would be $830 per month and your total repayments when your loan is paid off would be $69,725 (excludes additional upfront, ongoing and exit fees).
Personal Loan, Unsecured