What can I afford?

A good way for you to figure out how much you can afford is to work out a budget for you and your family – this will help you determine what surplus income you have to put towards the costs of owning your own home. 
 
How much can I borrow?

The maximum loan amount is $300,000 per individual. You will need to provide a deposit of a minimum of 20% of the purchase price or property valuation (whichever is lower). We will look at your income, expenses and other debt you may have before we can make a decision to approve your request.
 
How do I apply?

We will need a completed home loan application form, as well as some further documents in order to process your application. Come in and see us at one of our branches, or call us on 0800 68 28 48.
 
What information will I need to provide?

We will need you to provide us with some extra information to help us assess your situation, in addition to your application form. Please use the checklist below to make sure you include everything we need with your application.

• A completed Home Loan Application form. If you don’t have an application form or you need assistance with it, give us a call or come in and see us to go over your application in person.
• Evidence of Income. We’ll need to see 3 of your most recent payslips; or an original letter from your employer confirming your base annual salary and starting date. If you’re self-employed we’ll need to see signed final financial accounts for the last two years of self employment (prepared by a chartered accountant).
• Last 3 months bank statements – for your main transactional account/s.
• Proof of outstanding balances on any personal loans, hire purchases and credit cards (including Farmers card, Warehouse card, Q-card etc). Only required if you are refinancing these debts.

Required on Pre-Approval
  

• Copy of Sale & Purchase Agreement.
  
• Registered valuation on the property you want to buy (if applicable).
  
• Statutory Declaration of Gift - Deposit (if applicable).
  
• Life and/or Loan Repayment insurance
  
• House insurance

How long will it take to repay?

This depends on how much you borrow and how much your repayments are.

How much and how often will the repayments be?

Your repayments will be calculated by how much you borrow and how long the term of the mortgage is, and they are usually made on a weekly, fortnightly or monthly basis.

Do I have to pay an application fee?

No. The great thing about our loans is the low fees! However, you may need to pay a documentation fee.

What about insurance?

Insurance of the property your purchase is compulsory and we can make these arrangements for you. If you wish to arrange this yourself, through another provider this is up to you.

Do I need a lawyer?

Yes – your lawyer will act on your behalf, regarding all legal requirements in refinancing or purchasing the property.

Can I get pre-approval?

Yes you can. Final approval is subject to your deposit and the property you are purchasing. We may also advise you that we require a registered valuation.

What is the interest rate?

We currently have a very competitive floating rate of 6.15%p.a. and a range of fixed rates. Click for current Interest Rates

Do I require a property valuation first?

No, we will advise you if one is required.

Can I make extra payments to my mortgage without penalty?

Yes! Extra payments to your variable rate mortgage can be made without penalty costs. There may be a cost for lump sum repayments to a fixed rate mortgage.

What is the maximum term?

The maximum term of a Manchester Unity Credit Union home loan is 10 years. However, repayments can be calculated over terms up to 25 years depending on your circumstances.