St. Michael's Credit Union is launching a new Home Improvement loan campaign for 2017. This is to cater for the increasing popularity in home upgrades and renovations. As property prices continue to rise, many households are opting to revamp their existing homes. You can avail of tax breaks under the Home Renovation Incentive Scheme (HRI). Since the introduction of the scheme in 2013, almost 77,000 renovations worth €1.2 million have been carried out. 52,000 homes are signed up to the scheme and have claimed €46.2 million in tax credit.*
Roland Haussmann, Manager of St. Michael's Credit Union says "We anticipate that many homes in the Blackrock/Mahon area will opt to give their home a facelift this year because of the Home Renovations Scheme, but with around €16,000 the average amount being spent on renovations, we understand that many might not have the funds necessary to get started. At St. Michael's Credit Union we know the difference home improvements can make to people's lives; increasing comfort, adding space and transforming a house into a home and we're here to help. We are offering our home improvement loan with realistic terms and repayments can be made in a way that works best for each individual. We've done everything to ensure that everyone feels 'at home' with our loans process."
What's the most popular?
The most popular improvements carried out under the HRI are window replacements, which accounted for almost a quarter of renovations in the past three years, followed by kitchen upgrades (18%). November is the busiest month for home improvements with over 7,000 renovations carried out in this month since 2013, closely followed by October with over 6,000.
Roland continued "Whatever exciting plans people have for their homes in 2017, and no matter how big or small their renovations, we would encourage them to contact St. Michael's Credit Union and find out how we can help. Remember, we don't charge administration fees or transaction charges, and should someone pay back a home improvement loan early, there are no penalties. So call in to us today or use our loans calculator for an estimate."
For the average amount spent €16,000, on a 5 year variable interest rate loan with 60 monthly repayments of €347.72, an interest rate of 10.98%, a representative APR of 11.60%, the total amount payable by the member is €20,863.15. This information is correct as of 03/03/2017.
*HRI Statistics 2013-2016
There are more ways than ever to contact St. Michael's Credit Union for further information;
Telephone; 021 435 7771
You can also get in contact on our social media pages for more information