Bank of Ireland: Surge in Irish Home Improvement Loans
According to a new report from the Bank of Ireland the amount of home improvement loans issued in Ireland have surged.
In the first nine of months of 2017 home improvement loans taken out by Irish borrowers increased by a significant 47%.
The amount of loans undertaken increased, but the average loan size decreased slightly to around €10,000.
More than three quarters of loans were issued to people 35 years in age or older.
As highlighted by the home improvement applications, customers have wide ranging financial needs when it comes to personal loans. We wanted to provide further clarity in relation to the rates on offer for different loan amounts and as such, are launching new defined tiered rates for personal loans which will appeal to people seeking finance from €1,000 up to €65,000. We are pleased to be offering such competitive rates in the Irish personal loans market and offer the most competitive unsecured variable rate for amounts ranging from €1,000 right up to €50,000. – Christine Hamill, Head of Loans at Bank of Ireland
In other recent developments, the finance committee chaired by John McGuinness (Fianna Fáil) looked at credit union lending and has issued a number of recommendations on credit union loans in Ireland.
Although numerous recommendations were made that could help safe guard the future of credit union lending the committee thought that the sector could help alleviate problems in the housing sector and had a positive outlook.
All committee members acknowledged that the credit unions’ community-led approach and emphasis on social inclusion is an innovative one which has contributed much to Irish society
The committee recommends that the credit union movement be empowered to contribute to alleviating the current housing crisis in the State. Serious consideration should be given to enabling credit unions to utilise their substantial assets to lend to approved housing bodies and help alleviate the housing and homelessness crisis
The finance committee decided to look into credit union sector as part of its wider look at the whole financial sector, and thought it would be an opportune time to look into credit unions.
The report highlighted significant challenges facing the sector, including the expansion of loan offerings, and attracting a younger and broader customer profile.
The report concluded the sector has the ability to both survive and flourish, and that change would be a part of this process.