Renovate your home without overhauling your budget
SPRING is just around the corner – and the change of season is one of the best and most popular times of year for home improvements. Home upgrading is a trend which has seen somewhat of a surge in popularity in recent years – and for good reason. A refurbishment can completely transform a home. A nationwide survey by the Irish League of Credit Unions (ILCU) found that a significant two thirds of adults had carried out home improvements between 2014 and 2017.
For many, it is also the only affordable option if they find they have outgrown their home and need more space for the family. In the same survey, one quarter estimated that they had spent between €1,000 and €3,000 upgrading their home. 10% spent between €3,000 and €5,000.
Many households planning on renovating their home understandably would not have this spare cash to hand. It can be tempting for them to fund the planned renovations through the credit card. However, with the high levels of interest charged, even if you clear the minimum balance, this can end up being a very pricey decision. For the cost-conscious home improver – a credit union loan is the best option, and are often approved very quickly. Indeed, the ILCU survey found that of those needing to borrow to fund their renovations, six in ten said they would use their local credit union.
Kieran O Callaghan, the newly appointed Head of Lending at Mallow Credit Union explains why a credit union home improvement loan is a solid choice for those wanting to renovate their home without incurring unnecessary debt. “We offer the loan at a great value APR rate of 7.2%*. Which means that if you were to borrow €10,500, you will end up paying back €79 a week over 34 months. So it’s a very cost-effective option. Not only that, but loans are typically approved quickly, so you can get started on those renovation plans right away. We are also happy to offer our loans to brand new members – so there is no requirement for you to have saved with us for a period of time before you can avail of a loan.”
Other benefits to the home improvement loan include the willingness of the credit union to work with each individual borrower to structure repayments in a way that will suit their individual circumstances. There are no hidden fees or administration charges. Borrowers are also free to repay the loan early, should they wish, without any penalties.
“So whether your plans include a new bathroom, overhauling the kitchen, laying new carpets or floorboards, or just giving your home a new lick of paint, talk to us here at Mallow Credit Union. You’ll find we are happy to provide flexible loans to suit your grand design plans.” Mr. O Callaghan said.
*For a €10,500, variable interest rate loan with 34 monthly repayments of €342.32, an interest rate of 6.95%, a representative APR of 7.1%, the total amount payable by the member is €11,638.75. Information correct as at 24/01/2019.