E67. Loans and funding your home (Part 2) with guests Carrie and Kirsty from Uploans

Building Design, Prime Time

In this episode of the Building Design, Prime Time Podcast we’re joined once again by special guests Carrie and Kirsty from Uploans, alongside Prime Design's own Frank and Amelia. Together, they tackle the critical topic of keeping your building project on budget.
Carrie and Kirsty share their expert financial insights, offering valuable tips on how to secure the right loan, manage funds effectively, and avoid common financial pitfalls. Frank adds his perspective on how planning, design choices, and material selection can all impact your overall budget.
The conversation covers the challenges of financing a home purchase, especially regarding finance clauses and settlement delays. They explain how COVID-19 caused major setbacks in banking processes, with some banks taking up to 40 days to assess applications, although the situation has improved. Kirsty also discusses ongoing issues with paper-based settlements in Tasmania, rising costs in construction and renovations, and the difficulties of obtaining accurate property valuations, particularly with rising material and labor costs. They emphasise the importance of planning, obtaining pre-approval, and aligning builder quotes with financing timelines.
Carrie and Kirsty both also emphasise the importance of early financial planning and seeking guidance from mortgage brokers and how borrowers should aim to reduce easy-to-access debt like credit cards and Afterpay, maintain savings, and, if possible, stay with parents to save money.
First-time buyers are encouraged to take advantage of government schemes and build relationships with brokers for long-term planning. Additionally, they explain the significance of loan-to-value ratios (LVR) and how a higher deposit can reduce borrowing risks and lender's mortgage insurance fees.
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About us
Prime Design is a building design company locally owned and operated in Tasmania since 2004. Our goal is to share as much valuable information as possible about the process of building design, extensions, and more. We will talk about a different topic each week. To suggest a topic you would like us to talk about contact us at [e-mail]

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