Renovate your home without overhauling your budget

Summer is now upon us – and the change of season is one of the best and most popular times of year for home improvements. Home upgrading has seen 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 can be the best option. 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.

Michael Boland, Lending and Business Development Manager First Choice 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 our home improvement loan from a great value rate of 7.50% (APR 7.76%)**. Our loans are typically approved within 24 hours, so you can get started on your 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 borrow.”

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 and the credit union offers free loan protection insurance to all qualifying members. Borrowers are also free to repay the loan early, should they wish, without any penalties.

“So, whether your plans include building on an extension, overhauling the kitchen, laying new carpets or floorboards, or just giving your home a new lick of paint, talk to us here at First Choice Credit Union. You’ll find we are happy to provide flexible loans of any size to suit your plans.” Michael said.

** For a €40,000, 10 year variable interest rate loan with 120 monthly repayments of €474.95, an interest Rate of 7.50%, a representative APR of 7.76%, the total amount payable by the member is €56,985.55. Information correct as at 03/05/2019.

For further information please contact our lending team on 094 9022969, email us at , apply online below or drop into any of our branches in Achill, Balla, Ballyhaunis and Castlebar.

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