• dummyShares required – 1/8th of loan amount required
    • dummyInterest rate – 9% per annum on the reducing balance
    • dummyLoan Term – Maximum 15 years
    • dummyType of Real Estate – primarily residential; Land and Building
    • dummyCollateral Value used:  80% of Forced Sale Value
    • dummyFees – Member covers Insurance, Legal fees etc.
    • dummyProperty Tax Payment – Must be up to date
    • dummySurveyor’s Report – 1 year old
    • dummyValuation - 1 year old:  See Real Estate Valuator list
    • dummyProof of Income required – last 3 months for administrative staff; last 6 months for commission earning employees; last 3 years audited financials for Business Owners
    • dummyDebt Ratio – Members Debt Service Ratio should not surpass 45%
    • dummyMode of Payment – Salary Deduction, Post Dated Cheques, Standing Order
    • dummyProcessing time – Average 3 months after approval

Member Benefits

    • dummyLower rates on Loans
    • dummyLow-fee ATM access
    • dummyDividends are paid to members
    • dummyInsured accounts
    • dummyBetter rates on savings