Sustainability stories.

Making homes accessible through Prefab.

Overview

Westpac New Zealand is the first NZ bank to launch a dedicated mortgage product aimed at helping Kiwis into prefabricated homes. Westpac Prefab launched in July 2019 and since then we have seen increasing interest from prefab businesses and customers. We have worked with builders around the country from BuiltSmart in Huntly to Exceed Homes in Invercargill to deliver this innovative product.

Built in factories, prefab homes are quicker and cheaper to build, helping with supply and affordability issues. Industry body, PrefabNZ, estimates a prefab build can shave up to 15% off total construction costs and halve the build time. In addition, prefabs can be more sustainable – with reduced waste and less health and safety issues.

Traditionally borrowing for a prefab home was difficult because of the complex issues around taking security over a house not connected to the land the mortgage is registered on during off-site construction in a factory. The new funding approach provides the bank security before the house is delivered which removes uncertainty for buyers and builders.

Photograph credit (above) - BuiltSmart advanced transportable home, Huntly.

Gerald and Sally Mac Rae Invercargill

"We are absolutely loving our prebuilt home. We chose it over traditional on-site construction because it was faster to build, more affordable, and left us with a smaller range of decisions to make.

Our house is 134m² which is big enough for the four of us, and it’s just a really good design. The living room, dining room and kitchen are open plan so it feels bigger than it is, and there’s very little wasted space. It’s energy efficient and amazingly warm, which is pretty important for a Southland winter!

Considering we were all new to the process, Westpac were great to deal with. Jason Hughes from their Invercargill branch was awesome - very helpful and patient.

Our two kids love the place as well. The novelty of living in a brand new house hasn’t worn off for any of us, and probably won’t for a long time yet."


Gerald and Sally MacRae, Westpac Prebuilt customers, Lorneville, Southland

United Nations Sustainable Development Goals.

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