Alt.Form Welcomes CBA Announcement to Back Prefabricated Construction Industry

Alt.Form welcomes the Commonwealth Bank of Australia's announcement made to back the prefabricated construction industry by becoming the first bank to join prefabAUS. 

"Commonwealth Bank of Australia today announced it will become the first bank to join prefabAUS, the peak body for Australia’s off-site construction industry, while also introducing policy changes to simplify the home buying journey for prefabricated housing, helping to deliver greater supply. CBA is joining prefabAUS as the organisation’s first bank member and has agreed to sponsor the development of a standard form contract for the modern methods of construction (MMC) sector to help support home buyers and manufacturers."

"Commonwealth Bank of Australia’s initiative to provide progress payments for prefabricated homes is a game-changer for our industry. By unlocking up to 60% of the contract price before installation—and up to 80% for accredited manufacturers—they're breaking down a major financial barrier that has long hindered offsite construction. prefabAUS and the work done by countless members – notably founder and chairman Damien Crough of 10+ years – has led to accelerated change. At Alt.Form, we've been vocal advocates for more flexible payment terms, and this move directly supports the accelerated delivery of high-quality, affordable housing. It’s fantastic to see a major financial institution backing the future of construction in such a meaningful way," says Tony Phillips, Executive General Manager, Alt.Form.

“Prefabricated construction is fast, efficient and can play a meaningful role in addressing Australia’s housing shortage. To date however, everything about construction has been created with traditional, on-site work in mind, and we need to rapidly reimagine how we support this industry to unlock scale and deliver more quality and sustainable homes to market sooner,” adds Mike Vacy-Lyle, Group Executive Business Bank at CBA.  

The future of the prefabricated construction industry has never been brighter. 

Visit prefabAUS to become a member, where you can join advocates for the Australian smart building community.