Are you buying a new house?
Are you thinking of building a new home?
Do you want to renovate a house?
Do you need to refinance an existing home loan?
Reasons to talk to Killarney Credit Union
- You can borrow locally and securely from your local credit union.
- Individual members or connected member accounts can apply for up to €150,000 (over shares).
- You can avail of free life cover on the home loan.
- We can offer stage payments of your home loan to suit draw down requirements (subject to verification).
- You can protect your loan with repayment protection insurance for up to 10 years. (terms & conditions apply)
- You can borrow up to a maximum term of 25 years.
- A proporation of your shares are pledged against your loan, therefore these can be available to you when your loan is paid off.
- You can repay the loan off earlier without penalties.
Loan Repayment Table
|Amount||Term||APR*||Monthly Repayments & No.||Total Amount Repayable|
|€10,000||25 Years||5.6%||€61.46 (300)||€18,396.77|
|€20,000||25 Years||5.6%||€122.93 (300)||€36,793.00|
|€40,000||25 Years||5.6%||€245.85 (300)||€73,593.11|
|€50,000||25 Years||5.6%||€307.33 (300)||€91,986.04|
|€75,000||25 Years||5.6%||€460.98 (300)||€137,985.63|
|€90,000||25 Years||5.6%||€553.80 (300)||€165,582.08|
|€100,000||25 Years||5.6%||€614.64 (300)||€183,982.16|
|€110,000||25 Years||5.6%||€676.11 (300)||€202,378.82|
|€120,000||25 Years||5.6%||€737.57 (300)||€220,778.70|
Typical APR variable home loan rate (5.6% APR). Lending terms and conditions apply. Loans are subject to approval. Table is for illustration only and does not constitute a contract. Figures correct as at March 2016. The Board of Directors of Killarney Credit Union may cease this loan product at their discretion.
- Your home is at risk if you do not keep up payments on a housing loan or any other loan secured on it.
- The cost of your monthly repayments may increase - if you do not keep up your repayments you may lose your home.
- The payment rates on this housing loan may be adjusted by the lender from time to time.
- If you do not meet the repayments on your loan, your account will go into arrears. This may effect your credit rating, which may limit your ability to access credit in the future.
- If you choose to top up your housing loan, this new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
- There is no guarantee that the proceeds of the insurance policy will be sufficient to repay the loan in full when it becomes due for repayment.
Home Loan Documentation Required
- 6 months’ bank statements (including one original statement).
- Proof of savings and any funds you will be putting towards the purchase of your house.
- Confirmation of non repayable gifted funds in writing.
- 6 months’ statements for all non KCU borrowings e.g. credit cards, car/personal loans and mortgages.
- Up to date ID & Address Verification for each party.
- Details of personal or occupational pension plan, if applicable.
You will also need to supply evidence of your employment and income:
For PAYE Employees, this includes:
- 3 months’ payslips
- Your P60
- A KCU Salary Certificate signed and stamped by your employer.
For self-employed / a company director:
- Latest set of accounts certified by your accountant.
- Confirmation that your tax affairs are up to date and in order.
- 2 years’ Revenue Notice of Assessment plus Form 11.
- 6 months’ bank account statements, including one original statement for any non KCU accounts.
Additional information that may be required
- A Copy of planning permission.
- Architect’s Drawings.
- Drawdown plan (stages etc.). If the house is being built on your own site by direct labour, a letter from a qualified architect or civil engineer confirming that he/she:
- Believes the resources are available to complete the building to a good standard.
- Will supervise the construction throughout.
- Will provide a Certicate of Completion, confirming that the building was constructed in accordance with its planning permission and best practices.
- If the house is being built on your site by a fixed-price contract, a copy of the contract – plus the original Structural Guarantee Certificate. Or a letter from a qualified architect or civil engineer confirming the contract price and the cover under the structural guarantee and stating that he or she will supervise the building construction through all its stages.
- A copy of your fixed price contract or if you are building by direct labour, a detailed schedule of build costs from your qualified architect, engineer or building surveyor.
- Completed valuation report, explaining the cost and expected market value of the completed property.
- 7 day notice form for building control.
- A Copy of planning permission.
- A copy of your fixed price contract or if you are building by direct labour, a detailed schedule of build costs from your qualified architect, engineer or building surveyor
- If the house is part of an estate or development, the Structural Guarantee Certificate (provided by the builder).
Home Loan Terms & Conditions
- Maximum Home Loan = €120,000 over shares.
- Maximum Loan to Value 80%.
- Maximum term 25 years.
- Minimum 5% of shares to be pledged against the loan. This amount may increase depending on financial circumstances.
- A limit of 3.5 times gross annual income.
- Overall monthly debt commitments are not to exceed 40% of net monthly income.
- First Legal Charge to be taken by Killarney Credit Union over the property.
- Professional valuation report by recognised valuer to be provided and addressed to Killarney Credit Union.
- House Insurance Policy to cover the re-instatement value of the with Killarney Credit Union’s interest noted thereon.
- We may seek your permission to undertake a credit bureau check with your application.
- Life Cover must be in place for home loans, ECCU Insurance provided by Killarney Credit Union.
For further information or to make an appointment to discuss your home loan application, please contact us directly.
Download the information leaflet as a PDF