Westpac is changing the way it provides funding for prefabricated housing to increase the number of affordable housing. The bank —
Half revealed yesterday.
New Zealand\'s annual cash income rose 0. 482 billion to the dollar.
A new pilot project is being launched to make it easier for builders of prefabricated houses
to get funding.
The trial will fund the construction of six prefabricated houses in Auckland and Waikato and, if successful, will be promoted in New Zealand.
\"This is an important step to increase the affordability of housing, especially for first-time home buyers,\" said David McLean, New Zealand Chief Executive Officer at Westpac . \".
\"It will take the prefabricated housing from sitting too-
This is a viable option for many New Zealanders.
McLin says the way houses are built in New Zealand
There, the wood was sent to a property and a house was built --
With most developed countries in the world \"very abnormal\", prefabrication is more popular.
He said that the banking industry did not help because lenders often provided funds only after they installed prefabricated houses on site, but in traditional buildings it would advance progress payments throughout the project.
McLean hopes that the bank\'s pilot will provide \"streamlined, simplified and stress-free\" prefabricated home loans to builders and buyers.
He quoted industry figures as saying that prefabrication can reduce construction costs by 15 percentage points and construction time by 60 percentage points.
\"When the government tries to solve the problem of a lack of affordable housing, we think it will be a big solution,\" he said . \".
McLean said the government\'s KiwiBuild plan, which aims to build 100,000 houses in ten years, will be difficult, \"use our old way in New Zealand\" to provide more affordable homes.
One of the builders involved in the Westpac pilot is the Brandson residence in Cambridge.
Steve Brown, its owner, said the bank\'s move was huge because \"it recognizes the fact of bridging the financial gap \".
Branderson Homes will invest in a new facility that will enable the company to build 14 transport-able Homes in-house at the same time, covering an area of up to 14 m² square meters.
\"This gives you some confidence in my industry.
\"Robin Healy, executive manager of Built Smart, mobile home division of PLB construction group, said the pilot changed the rules of the game in the prefabricated industry,\" because banks did not approve off-site construction loans in the past \".
\"It will provide an opportunity for a whole new group of people who have worked hard to become homeowners and in the past were unable to access funds for pre-made houses off-site due to financial loan restrictions,\" said Healy . \".
\"By providing affordable, high-quality homes to various homeowners, this will have a huge impact.
However, the banking sector, including mortgage brokers and appraisers, will need to rethink the lending process for off-site prefabricated buildings to make this pilot project a success.
\"The greatest advantage of prefabricated houses is the reduction of construction time, quality control, management of subcontractors and materials without delay or loss due to weather conditions or safety on site,\" ensure the completion date \".
\"All of this saves customers a lot of cost.
\"McLean does not believe that loans to prefabricated houses are more risky for banks than traditional buildings. The Australian-
The state-owned bank reported that core revenue rose 698 in the six months ended March 31 to reach the US dollar, while its net operating income rose to $1. 16 billion.
McLean said the results reflected a strong growth target for the underlying economy and key industries.
\"Although the housing market has slowed, the deposit environment has been competitive and the damage has returned to a more normal level, this is a good result in a series of business areas.
Westpac Net interest margin increased by 19 basis points to 2 basis points.
As the bank\'s deposits grew faster than the loan record, the ratio was 15.
Deposits rose 8 cents to $61.
6b and net loans increased by 3 percentage points to $79. 1b.
Westpac\'s home loans grew by 4 percentage points to $48 B and commercial loans by 3 percentage points to $30 B.
Due to increased cost management and productivity, the company\'s operating expenses fell by 458 to US dollars.
These benefits include the closure of five branches in the six months ended March 31.
Westpac NZ recorded an impairment fee of $27
The company\'s $40 earnings reversed in the first half of last year.
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