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The Modak Extra Funding Assistance (MFA) Package

Finance MFA is a funding assistance package enabling the buyer to obtain up to $25,000 in extra settlement funds at very low interest to cover stamp duty mortgage insurance and legal costs. You will pay 5% per annum on the outstanding balance each year (and never more than 2% over the existing RBA overnight rate, currently at 3%) for the five year period and you must make weekly/monthly payments to discharge 40% of the funded amount over five years. This works out at $10,000 or approx $60 per week if you are funded the full $25,000. The balance can be by loan refinance at that time.

At the end of the five year period you will have paid back 40% and the balance is repaid simply by refinancing the property on its new increased value at that time. If the property hasn't increased in value sufficiently then Modak will increase the loan period by a further 2 years.

A helping hand into your new Modak home

You may Pre-order from this website at any time to secure your position "in line" for when the homes are produced. However, Modak Homes Australia requires that you must ultimately be approved for funding before you can place a purchase order for a Modak home. if your finance has not been approved by the time production starts, you may lose your place in the queue. Please see Pre-Order conditions on the Pre-order page for more information.

Finance Available Modak will assist you directly with this and by using the free online application you can receive an indicative funding approval in 48 hours.

NOTE: No credit checks are made for an indicative approval. We do not check with Credit Reference providers until you make a formal application for funding with us.

You are not obliged to use the Modak funding application however we have created it to make funding applications easier and less confrontational and you are dealing directly with those interested in your receiving a loan.

All loan applications are processed for Modak by Equity Credit Pty Ltd, complying brokers under the new Financial Broking Act, and accredited to all relevant major lenders in Australia.

We will supply you with the most competitive quotes and range of mortgage options, totally free of charge and without any obligation.

The funding quotes can be either for the home only, if you already own your land, or the land and home combined, depending on your requirements. Contact us for more information.

Click here for online application