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Paying off a Credit Union Loan Early and ICB

06-06-2017 9:16am

#1

c6ysaphjvqw41k

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#2 06-06-2017 10:01am

Spocker

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You're correct, there is no penalty for paying back Credit Union loans early, it's one of their advantages. It won't appear as a black mark on your ICB report, just that the loan has been cleared quicker than it's term.

Each mortgage provider has different rules (which are not publicly available) on how they determine their loan approval criteria, but I doubt clearing the CU loan early would go against you

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#3 06-06-2017 9:12pm

Trish56

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No black mark against you on the ICB by paying off early, it will be the opposite. I would recommend that you clear them off though in September just before you apply for the mortgage as the monthly repayments will be taken into consideration under Repayment Capacity by the lender.

Reagan Massive Transistor wrote: »

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