Tiny Home HQ offer a range of flexible payment options, to get you into your new cabin quickly and easily.
Not everyone can finance a tiny home as there are certain criteria that need to be met before lending is approved. Finance partners prioritize responsible lending and will only provide loans to individuals who can afford them. In the case of rent-to-buy arrangements, where the title of the Tiny Home remains with the company, lenders may be more inclined to offer financing since they have
the option to repossess the unit if necessary.
While specific requirements may vary depending on the lender, here are some common finance criteria to consider:
1. Deposit:
It is highly recommended to have a deposit to secure financing for a tiny home.
2. Stable Income and Good Credit:
Lenders typically require applicants to have a stable income and a good credit history to demonstrate their ability to make regular loan repayments.
3. Affordability:
Applicants must be able to comfortably afford the repayments on the unit while maintaining a reasonable standard of living.
4. Landowner’s Permission:
If you do not own the land where the tiny home will be placed, you must obtain the landowner’s permission for siting the unit.
5. Residency:
Generally, you must be a resident of the country where you are seeking financing. In this case, New Zealand residency is required.
6. No Equity or Property Ownership Required:
Unlike traditional home financing, you are not required to have equity or property ownership to finance a tiny home. However please note
that if an option is available to lean or have a caveat on the property then this can make leading easier.
7. Ineligibility for KiwiSaver and Home Start Grants:
We can ask our lender on your behalf but most providers Financing a tiny home cannot be done using KiwiSaver funds or Home Start grants.
8. Full-Time Employment:
Being employed full-time is often a requirement to be eligible for financing.
9. Ineligibility for Welfare and Benefits:
Welfare payments and benefits cannot be used as a basis for financing a tiny home. It’s important to note that these criteria are not exhaustive, and additional requirements may apply depending on the specific lender and their policies. It’s recommended to consult with the finance partners or lenders directly to obtain detailed information about their financing requirements for tiny homes.
Our Current Lender and their requirements:
We use Squirrel Money to finance our cabins, they are the best in the industry as they can lend up to $100,000 if approved and secured over your tiny home, $70,000 maximum without a deposit. You need only clean credit and to be working full time with an annual income of $40k plus to be able to complete an application, any other forms of income will not be accepted. They will ask for your internet banking details if you progress far enough, they will only take a screen grab of the last 3
months transactions and cannot see anything else. This is just to confirm that your incomings and outgoings are in line with their requirements.
Here is the link to get started www.squirrel.co.nz/retailer/tiny-home-hq
Under the ‘Merchant Reference’ you can put ‘Tiny Home’ if you are filling this out on a computer, or ‘000’ if completing on a mobile device. When you submit this form they will do a credit check, if you meet their requirement, you will be able to move on to the next part of the application process.
You would then receive a text message which will have your temporary password, followed by an email with the link to continue the application. Any issues please contact them directly on 0800 21 22 30 and they will get you sorted.
When entering your loan amount please consider transport costs to site and any optional extras you may wish to add. Once you are conditionally approved, we will be advised and we will give you a call to finalise details, quote, sale and purchase agreement etc as required.
A printable version of the form is here: Cash Sale Application
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