Thinking of a new 172?

Thinking of a new 172?

Thinking of a new 172? A Credit Union Car Loan has benefits that you simply don’t get elsewhere! We’ve highlighted the difference between a loan with our Credit Union and PCP finance.

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  • Unlike a PCP you own the car from the outset.
  • You can sell the car on at any time.
  • You can borrow for the full amount.
  • There are no hidden fees, admin charges, transaction charges, set up costs or balloon payments.
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • The interest you pay on a credit union loan is the full cost of the loan so it is fully transparent.
  • Your credit union loan is insured in the event of your death – subject to terms, conditions and eligibility criteria – at no direct cost to you.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

These benefits aren’t only for people buying a new car. They apply to many different types of loans.

PCP Pitfalls

  • You don’t own your car until the final payment is made
  • Most PCP’s require a large balloon payment at the end to terminate the agreement
  • Most PCP’s have restrictions in respect to the condition of the car and/or the mileage you incur. A lot of wear and tear may also mean you do not get the full value of the car agreed at the start of the deal. High mileage can mean a lower minimum guaranteed value.
  • PCP’s are a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don’t like the brand of car or range they have to offer anymore?
  • If you have a crash and the cost of the repairs is greater than 66% of the original list price then you may also not get the minimum value you were hoping for.
  • Because a lot of the repayments are deferred, the interest costs may be low initially, but the total ends up being high over the full length of the agreement.
  • Dealers and car-company banks are able to offer lower interests rates on the deals for the first three to five years because they retain ownership of the vehicle, lowering their risk.

Example of a Car Loan

Rate: 7% (7.23% APR)   Amount: €15,000

Loan Period: 5 Years

Weekly Repayments: €68.38

Total Repaid: €17,777.75

You can get your own loan estimate by using our Loan Calculator.

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A Student Loan

A Student Loan

St. Michael’s Credit Union isn’t here for profit, we’re here for people! At St. Michaels, we understand the positive effect a student loan with your credit union can have. We also have our Bursary Draw for €1,500 and invite all students to apply!

Covering College Costs

A student loan can help in a variety of ways whether it’s paying for;

  • College Fees
  • Accommodation
  • Books
  • Course Material
  • Living Expenses
  • Transport

This can be an expensive stage in anyone’s life but you’ll find your local credit union is there to help. Call in for a chat today and we’ll soon have you sorted for the year ahead. Our staff are happy to provide guidance and answer any questions you might have. We only propose student loans with realistic terms, which you can pay back in a way that works best for you. Last year we also posted on college accommodation and the cost of third level education to help our members have the best understanding.

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Cost of College 2016

The Benefits

As with all credit union loans, there are a number of benefits that you simply don’t get anywhere else. The benefits include;

  • No administration fees or transaction charges
  • You can pay back your student loan early without facing a penalty
  • Flexible repayment options
  • You pay interest only on the reducing loan balance

How To Apply

The student can apply for the loan on their own account with a parent/guardian to sign as a guarantor or the parent/guardian can apply on their own account. It’s that easy! You can use our Loan Calculator to get an estimate.

Tony Burke €1,500 Student Bursary

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The bursary is available to Leaving Cert students who are attending any third level course. More details can be found HERE.

Remember, in your local credit union, you are not a customer, you are a valued member! 

Invest In Your Nest!

Invest In Your Nest!

We’re lending to members who are looking to invest in their nest! This could be used for a new washing machine, painting a child’s room, making changes to the kitchen, getting more from your garden or any other home improvement you’re planning. The amount you invest in your nest doesn’t matter, your credit union is here for you!

The Benefits of a Credit Union Loan

  • The peace of mind with loan protection insurance.
  • Lump sum repayments.
  • You can clear the loan early without any penalty.
  • No hidden charges.
  • Your repayments are calculated on the reducing balance of your loan.

Examples of home improvement loans with St. Michael’s Credit Union;

 

Use our Loan Calculator to get an estimate on the exact amount you would like to borrow here. St. Michael’s Credit Union has a loan approval rate of 94%! Talk to us today to invest in your nest!

What you need when applying for a loan;

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Home Energy Grant

Homeowners can avail of the grant through the Sustainable Energy Authority of Ireland provides funding through the Better Energy Homes a government programme. The grants provided apply to home insulation and heating system. To date over 335,000 homeowners have received grants. These grants have helped people to save on their heating bills, make their homes warmer and cosier. It also does a little to combat climate change! We have more information on availing of the grant here.

Communions & Confirmations

Communions & Confirmations

Preparing for a First Holy Communion or a Confirmation is an exciting time but with so many things to consider, the costs can add up quickly. It’s important to plan for the day and here are a few tips to help;

  1. Start Saving it’s never too late to begin saving and every little bit you put aside helps cover the costs of the day. It all adds up over time! St. Michael’s has been helping members save for over 54 years.
  2. Budget and know how much you can afford to spend. Make out a realistic budget and keep track of all your spending. Make a list of everything that you think you’ll have to buy from the outfit to the food. Make a decision on how much you’re going to spend and stick to that amount.
  3. Cutting the Costs 
  • Shop around when picking out their outfit for the day to get the best price.
  • Be creative! If you don’t have the money for all the extras think about what you can do yourself.
  • If you have decided to have a party at home, ask guests to bring along a dish to help share the cost and the work.
  • Do something a little different like asking your child what they might like to do with just the immediate family – maybe a trip to Fota.

I You Need To Borrow?

If you need help covering the costs of a Confirmation or Communion we are here for you! Avoid maxing out your credit card or using a moneylender that charges huge interest rates. Come talk to us today!

Here are examples of a loan with us;

Secured Loan; 

Loan Rate: 4.85% (5%APR)      

Amount: €600         Loan Lenght: 1 Year

       Weekly Repayments: €11.82      

 Total Repayment: €614.90

Personal Loan;

Loan Rate: 10.98% (11.60%APR)    

Amount: €500         Loan Lenght: 1 Year

       Weekly Repayments: €10.16      

 Total Repayment: €528.38

The Perfect Time To Start!

Now is the perfect time to teach your child about money and the importance of saving. A good starting point is to get your child to open a savings account with their communion money. We offer children’s’ savings accounts and visit local schools on a weekly basis as part of our School Savers Scheme. Encourage your child to put a little aside regularly by setting them a goal to save for. More information on saving with your credit union can be found here.

We wish everyone celebrating a First Holy Communion or Confirmation a great day!

A Wedding Loan

A Wedding Loan

Can’t help falling in love with St. Michael’s Credit Union wedding loan! Early 2017 will herald a flurry of wedding planning activity, as 26% of couples in Ireland will typically become engaged in December. While this is an exciting time for soon to be newlyweds, it can also be tinged with anxiety. The average couple will pay more than €22,500 for their wedding and honeymoon, invite 156 of their nearest and dearest and spend over €60 per guest.* It’s little wonder the question of paying for it all can bring sleepless nights.

With an array of wedding blogs, magazines and fairs promoting must have 2017 trends and ‘it’ honeymoon destinations, it’s understandable that things start to become costly. Indeed, it’s expected around one in four couples will borrow for their big day. At St. Michael’s Credit Union, we will only propose wedding loans with realistic terms, which can be paid back in a way that works best for each couple. Our loans have a repayment plan to suit individual circumstances, and there is always the option to repay lump sums without incurring any extra penalties or charges.

So whether the aunties and uncles are coming out of the woodwork for an invitation or the guest list is being kept to a secret few, we will provide support with loans that fit every individual wedding, and which are based on fair, reasonable terms.

At St. Michael’s Credit Union we have been offering access to affordable credit in our local community for over 50 years. We are always on hand to provide guidance, be that with borrowing or with saving towards the big day. We can assist couples to work within their budget and plan out what they can afford to spend. We also offer foreign exchange for that all important honeymoon. So with us supporting happy couples the whole way, they can rest easy and catch up on their beauty sleep before the big day.

For further information, you can get in touch by;

Email:   info@stmichaelscu.ie

Phone:  021 435 7771

Or on our social media pages;

Facebook

Twitter

*www.weddingsonline.ie 2016 Wedding Survey

 

Tips On Getting Your Home Winter Ready

Tips On Getting Your Home Winter Ready

With the end of September fast approaching and the Autumn chill starting to be felt in the morning air. It may be time to think about getting your home winter ready! We have a few tips and ideas on how to get your home winter ready.

Tips for a Warmer Home

Often the simplest solutions can be the best! By hanging thicker curtains over windows it will help trap the heat and make the rooms warmer, especially on those long winter nights. Another cost effective step to a warmer home is insulating doors. You can buy stick-on insulation from most hardware suppliers at very reasonable prices, you just have to place it on drafty doors. Helping to keep the heat in the room/home and it lowers your bills. For external doors, it can be a good idea with the keyhole to buy a purpose-made cover that drops a metal disc over the keyhole. For the letterbox use a letterbox flap or brush, but remember to measure your letterbox before you buy.

Insulation

According to the Sustainable Energy Authority of Ireland, a home on average loses 20 – 30% of its heat through its walls. This is drastically more if the walls aren’t properly insulated! Improving your wall insulation provides greater levels of comfort, reduces bills and emissions. There are grants available for this work to help cover the costs and we have further information on these grants below.

Another big factor for having a warm home in the winter months is insulating your attic. As the old saying goes “You lose 90% of your body heat through your head! So wear a hat!”. The saying might not be factually true but the Energy Saving Trust estimates that as much as a quarter of a homes heat can be lost through an uninsulated attic. Also, according to Sustainable Energy Authority of Ireland’s website you can save up to 20% on your bills by insulating your attic! So it is a very important area of the house to insulate because of the fact heat rises and you want to trap it in.

If you don’t yet have double glazed windows you would be amazed at the positive difference they would make to your annual heating bill. They can be a substantial investment but once in place, they will help trap more heat and save money in the long run. They will also help to reduce noise levels from the outside and there is also reduced condensation as an added bonuses.

Some of these improvements, to have your home winter ready can be costly but we can help cover the costs with a loan. These improvements will help save you money in the future and make your home comfier now!  Below is an example of a home improvement loan with us;

home-improvement-4
Information correct as of 23/09/2016

If your thinking about doing some home improvements come talk to a member of staff in our office, on the phone or check out our website for further details here; stmichaelscu.ie. We also provide the facility to get a loan estimate here; loan calculator.

Grant Scheme

As mentioned above this government grant can help cover the costs of making your home more energy efficient. Sustainable Energy Authority of Ireland provides funding through the Better Energy Homes a government programme. The grants provided apply to home insulation and heating system. To date over 335,000 homeowners have received grants. These grants have helped them to save on their heating bills, make their homes warmer and cosier. It also does a little to combat climate change!

The Scheme is available to0;

  • Owner occupied non-Local Authority homes
  • Constructed before 2006
  • The owner is in receipt of one of the following
  • Fuel Allowance as part of the National Fuel Scheme
  • Job Seekers Allowance for over six months and with children under 7 years of age
  • Family Income Supplement
  • In receipt of the “One Parent Family Payment”

It also covers the following services;

  • Attic insulation.
  • Draught proofing.
  • Lagging jackets.
  • Low energy light bulbs.
  • Cavity wall insulation.
  • Energy advice.

More information can be found here; Better Energy Homes and an application guide can be found here; Application Guide.

Couple taking a break from painting

 

Planning Home Improvements?

Planning Home Improvements?

Whether you are planning to replace your roof, build an extension or replace worn out floors, come talk to us today about a home improvements loan. We have loan rates of 11.6% APR on our Standard Loans and a special low rate of 5% APR on Secured Loans. You can get an estimate on our online loan calculator.

As the economy gradually picks up and consumer spending confidence improves, more of us will be considering home improvements. The Government’s Home Renovation Incentive Scheme can also be availed of and provides some welcome tax relief for those planning work. It covers repairs, renovation or improvement works during the year. More information on the Home renovation Incentive can be found here; http://www.revenue.ie/en/tax/it/reliefs/hri/.

Our philosophy at St. Michael’s Credit Union has always been to look at things differently. We understand the difference a home improvement loan can make to your life, increasing comfort and adding space, so we always look at your whole story to make sure you feel at home with the loan process. We only propose home improvement loans with realistic terms, which you can pay back in a way that works best for you. We don’t charge administration fees or transaction charges and you can pay back your home improvement loan early without penalty if that becomes an option. In your local credit union, you are not a customer, you are a valued member! St. Michaels only exists to serve the financial needs of our members. Below is an example of a home improvement loan at our standard rate of 11.6%.

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No matter what your home improvement loan from a total revamp, to just a little redecorating, your credit union will ensure everything is clear, transparent and straightforward. So you can get on with creative and wonderful improvement ideas for your home, your way. Rember though that it is important to put in place a budget and you know where your money is going before throwing your savings or borrowings at a project. If you’re thinking of turning your house into a home again, we can help! Call us today or try our online loans calculator!

Commenting on the home improvement loan our manager Roland had this to say “The Irish property market is definitely showing signs of recovery and this, in turn, is giving people confidence to carry out home improvements that maybe they put off during the depths of the recession. St. Michaels are delighted to be able to offer financial support to our members looking to improve their homes. We would encourage members contemplating undertaking home improvement works to contact us about finance.”