Credit Union Home Improvement Loan

newo

I know all Credit Unions are different but would anyone know if we have €75,000 deposited in the Credit Union and good saving history would they give us a loan for €150,000? I know it's not the most economical loan or way of doing it but just looking at options. Obviously we'd have to prove we have the ability to repay. TIA.

Spocker

No-one here can answer that for you, as every Credit Union has different lending criteria and/or limits on what they can lend. If the money is already in your account, and you've been regularly putting it away for a period, then just call in and talk to a loan officer or the credit committee.

If you're just putting in a lump sum, prior to taking out a loan, then it's unlikely you'd get the loan.

Remember too that any shares you'd have in the Credit Union account at the time of loan drawdown, would be held as collateral for the loan i.e. you wont have access to the 75k, until the value of the loan is less than the value of the shares

smelly sock

newo wrote: »

I know all Credit Unions are different but would anyone know if we have €75,000 deposited in the Credit Union and good saving history would they give us a loan for €150,000? I know it's not the most economical loan or way of doing it but just looking at options. Obviously we'd have to prove we have the ability to repay. TIA.

I think credit union loans are expensive though. And isn't lending sums of money like that what got them into trouble?
Gone be with the days you went to the cu for a few hundred quid to fix your washing machine etc.

Try newbridge of lusk.

rgace

Spocker wrote: »

No-one here can answer that for you, as every Credit Union has different lending criteria and/or limits on what they can lend. If the money is already in your account, and you've been regularly putting it away for a period, then just call in and talk to a loan officer or the credit committee.

If you're just putting in a lump sum, prior to taking out a loan, then it's unlikely you'd get the loan.

Remember too that any shares you'd have in the Credit Union account at the time of loan drawdown, would be held as collateral for the loan i.e. you wont have access to the 75k, until the value of the loan is less than the value of the shares

Every Credit Union is different as you said and not every credit union would have an issue with the lump sum being lodged.

Certainly sounds like an expensive way to do it though.

Trish56

Credit Unions now do mortgages so you should enquire as I believe their rates are quite competitive. I don't think they would expect you have 75k on deposit to borrow 150k as it would not make sense maybe 30k. If borrowing at standard rates of 1% per month it would be better for you to get a mortgage as you would be earning circa 0.50% on the 75K so a mortgage would be must better value for such a big amount.

smelly sock

Trish56 wrote: »

Credit Unions now do mortgages so you should enquire as I believe their rates are quite competitive. I don't think they would expect you have 75k on deposit to borrow 150k as it would not make sense maybe 30k. If borrowing at standard rates of 1% per month it would be better for you to get a mortgage as you would be earning circa 0.50% on the 75K so a mortgage would be must better value for such a big amount.

The credit union like any other financial institution want to see a regular saving pattern. Lump sums especially with credit unions won't hold any significance.

Trish56

Of course they will be looking for applicant's to qualify under their lending criteria and policy when lending for mortgages and applicants will have to prove affordability and repayment capacity and will also be subject to Central Bank Regulations. The OP mentioned in his post he has 75k savings and a good savings history.

smelly sock wrote: »

The credit union like any other financial institution want to see a regular saving pattern. Lump sums especially with credit unions won't hold any significance.