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Mortgage
Down payment

This loan will be subject to the member’s ability to finance the loan as well as a member’s financial position. Members who have poor financial standings can be denied access to this loan facility. All loans that utilize real property as collateral shall be subject to review and approval by the commissioner of co-operatives.

*This rate can be negotiated based on further discussions with the applicant.

  1. All applicants must have at least two (2) years active membership within the credit union before applying for this loan.

  2. This loan is only for first time homeowners.

  3. Members will be allowed to consolidate outstanding loans into the mortgage down payment loan in order to maintain an acceptable loan instalment.

  4. The Mortgage down payment loan is separate and apart from other loans, but repayment must be taken into consideration when granting other loan(s) to the member.

  5. The member must have at least ten percent (10%) of the final loan amount on shares.

  6. The minimum amount that can be taken in this loan category will be based on the required percentage value of the purchase price.

  7. There will be no pre-payment penalties. Members can make lump sum payments towards loan balance.

  8. Members shall be required to have additional insurance to cover for the loan value over and above the amount covered by the CUNA Insurance.

  9. Note: Further discussions should be held with the member should the proposed term of repayment go beyond the age of retirement.

  10. REQUIRED DOCUMENTATION

    1. Copies of two forms of valid IDs
    2. Proof of address – Utility bill or statements from recognized financial institutions.
    3. Agreement of Sale (only applicable to purchases)
    4. Copy of Mortgage Deed or Title Deed / Certificate of Title
    5. Deed of Lease (if leasehold land)

  11. Member should be advised that the following documents may be required if they are seeking a mortgage loan with another institution:

  12. If the member is carrying out construction:

    1. Approved building plans (Town and Country)
    2. Detailed builder's estimate. This would be necessary as the loan disbursement can be in phased scheduled draw-downs.
    3. Building contract (if applicable)
    4. Quantity surveyor's report

CONTACT US SEE LOAN POLICY