Australian Media Applauds CBA and prefabAUS Announcement
Australian media publications have applauded the Commonwealth Bank of Australia’s announcement that they will be the first bank to join prefabAUS, the peak body for Australia’s off-site construction industry.
“Prefabricated construction is fast, efficient and can play a meaningful role in addressing Australia’s housing shortage” said Mike Vacy-Lyle, Group Executive Business Bank at CBA.
With Michael Baumann, Executive General Manager Home Buying at CBA, adding, “while prefabricated homes are a great housing option for many Australians, they have been historically challenging to finance, with customers needing to cover much of the upfront costs. We want to alleviate some of the financial barriers associated with prefabricated properties, giving more Australians the chance to look at this way of building a home.”
“With support from CBA, prefabAUS will tackle some of the challenges facing our members and their clients. We are excited to unlock the potential of off-site construction to address one of the nation’s most critical challenges—providing access to high-quality housing at pace,” said Damien Crough, Founding Director of prefabAUS.
The announcement, made on Friday 31st January 2025, was met with enthusiasm, with coverage from Australian Financial Review, Realestate.com.au, The Sydney Morning Herald, News.com.au, and The Adviser published in the hours following the news.
This commitment from CBA, supporting prefabAUS – and the wider sector – is a game-changer for our industry.
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.
"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," shares Tony Phillips, Executive General Manager, AltForm.
Looking forward, the federal government hopes modular homes will make up 15 per cent of the country’s housing supply over the coming decades, with Federal Treasurer Jim Chalmers and Federal Minister for Industry and Science, Ed Husic, confirming their commitment to modular housing as a practical and scalable solution to Australia’s housing crisis.
“Prefab isn’t just an idea—it’s an actionable, transformative path forward,” said Federal Minister for Industry and Science, Ed Husic.
If you would like to learn more about Alt.Form and our approach to Rapid Quality Housing, please contact us.
