Credit Union SA helping residential developments build faster

Credit Union SA’s dedicated Development Finance Division is boosting the supply of affordable homes through funding opportunities for local residential development projects and helping to ease the current housing shortage while supporting young South Australians getting into the property market.

Their evolving Development Finance service meets a gap in the market by targeting South Australian property developers undertaking smaller residential infill projects, including land subdivision, the construction of dwellings, and assistance with funding for site acquisition.

Since establishing the Residential Development team in 2023, Credit Union SA has funded more than 75 projects that have created more than 145 new homes and expects to fund a further construction of 300 projects throughout this current financial year.

M2 Custom Homes Managing Director, Rob Marciano, has developed more homes than ever before as a result of the Residential Development funding provided by Credit Union SA.

“We usually work on projects with up to four dwellings, but now we are able to get funding on bigger urban infill projects, which most recently has allowed us to develop 16 homes in Parafield Gardens and get them completed quicker,” said Rob.

Sam Warren, a 28-year-old Police Officer, has recently purchased a townhouse in M2 Custom Homes’ Parafield Gardens development, with the initiative allowing him to get his foot in the door and into the property market faster.

“I have only recently started my career so didn’t have a huge deposit saved, but this housing development has been a huge help in enabling me to purchase my first house,” said Sam.

Credit Union SA’s Head of Development Finance, Michael Sherman, is thrilled to hear these success stories and looks forward to helping offer more affordable housing stock for urban infill projects that they have funded.

“While we acknowledge that larger property developers and financiers do an impeccable job at larger scale communities and medium to high density apartments, they cannot solely solve the housing shortage as the size, scale, and complexity often have long lead times and are capital intensive.

“By providing finance to smaller infill projects where the planning outcome is transparent for the developers, there is less demand on infrastructure and much shorter construction times. This allows several new homes to be completed within just 12 months from when the site is first purchased to when the happy family moves in, which the team at M2 Custom Homes has proven,” said Michael.

For further information on Credit Union SA’s Residential Development Finance initiative, visit: https://www.creditunionsa.com.au/residential-development-finance

About Credit Union SA

Founded more than 60 years ago by people who wanted to help South Australians thrive, it was all about creating a fairer, smarter, and more human alternative to traditional banks. A credit union that was run by its members, for its members. Today, that same purpose remains. They continue helping South Australians thrive by delivering award-winning banking experiences, innovative products and by putting members and their communities at the centre of everything they do.

Credit Union SA ABN 36 087 651 232 AFSL/Australian Credit License Number 241066