Caribbean MLS Listings

Why it is best to use Credit Unions over Banks when buying Property in ST. LUCIA

9/9/2016
Micha Landers
It is normal after having the experience of spending time in St Lucia to have the desire of never wanting to leave. St. Lucia is one of the magnetic forces in the Caribbean; the natural island takes your breath away with unspoiled vegetation, majestic Piton mountains with the backdrop of the sunset. Living there feels like being at nature’s bosom, making vacations ever more frequent and the desire for a permanent get away in St. Lucia becomes a necessity. Like all other Caribbean islands with a large communal spirit setting up their establishments, financial activities are managed between Credit Unions and Banks.

Credit Unions Offer LOWER Interest Rates on LOANS

From the spirit of the environment one can understand why Credit Unions thrive in our society. They are traditionally not for profit, and so are capable of offering higher interest rates on savings accounts and lower interest rates on loan/ loan products. The core of Credit Unions is the fact that they are member focused institutions. Living in small communities like ours, it makes more sense as all share common problems and face common challenges. Therefore it is owned and operated by its members. The initial deposit makes you a member and gives you a voice in the affairs of the credit union. In this regard we see how useful it can be to carry out financial transactions through a credit union in St. Lucia over a Bank, and more reasons are :-

Higher Interest Rates on Savings

Due to the fact that credit unions pay a higher interest rate, it would be ten times more advantageous for a new home buyer to deposit the money in a Credit Union account, especially if the money is not complete. Buying a house or property is not small cash and sometimes it might need gathering from all sorts of places. During the gathering process using a credit union to act as a safe for the money through a savings account will be beneficial, the interest may aid complete it or give us the tip we deserve for a job well done. Like Banks credit unions in St. Lucia provide the same loan services but at very cheap rates. It is very normal for St. Lucians to do large scale purchases through credit union financings. For instance, dealer financing have shown to be higher in car purchases as well as Bank financing for house and property purchases. The annual percentage rate on mortgages for houses are very low in Credit Unions than banks, and it cuts across through personal loans. The administrative structures of credit unions are less complex and easy to manage than banks. This implies that credit unions require fewer resources to manage their affairs and directly affects the fees they charge for services. Income used to buy a house or property might be hard earned savings or a long-term acquired loan. It will be paramount in this case to track every expenditure even a $1 bank fee might go a long way if it becomes regular. It would be very wise to take advantage of the Credit Union almost fee-free offers like;
  1. Cheque Book leaves are FREE while most banks charge $2
  2. No monthly account servicing charge. For the services they charge, their fees are way less than regular commercial banks.

Better Customer Service

Buying property in St Lucia is a big step and requires delicate hands to manage the process. Traditional banks have as objective to make profit and this usually contradicts the goal of the customer who wants to save income by having low rates, fees and good customer services. Usually providing these services perfectly will require cutting profits for banks of which they are naturally not inclined to do. With credit unions we see a different structure. Every member is part of the establishment, making the entire structure have one goal only. Every member has a voice which is the same with the management. Buying property is personal and credit union services make it a whole lot better. The personal interaction customers share with credit union workers makes it better for a better look out of your interest, unlike banks with many branches and hundreds of workers all over the island. Going to the bank is a new experience everyday and it becomes cumbersome because you need to recount your story everyday to the new faces you meet. Credit unions follow you through your financial life. The workers are few and you can have a person assigned to you, who can be your guide as you surf through the financial environment and waters of St. Lucia.

Very Flexible - No Large Deposits, No credit History & Employment Records

The flexibility of credit unions is a huge plus. Banks operate through credit history, employment record and large deposit statistics before loans are processed. They can’t be blamed for using this method, considering the plenty amounts of applications they receive every month, so their process is streamlined by setting requirements on income, credit history and deposits. If these requirements are not met by applicants you are simply declined. Credit unions have a different philosophy. They are willing to work with anyone despite your financial past. They bring forth endless possibilities like the landscape of St. Lucia. Their member focused philosophy is what sets them apart. Individuals with ambitions of acquiring a loan to get property will feel more comfortable dealing with credit unions than Banks. Acquiring property is a complex activity and the less complicated the financial institutions react to it the simplified it get to those in the transactions. Banks make this complex activity scarier. Operating savings and checking accounts with banks can be complicated with multiple rules and regulations to abide by before setting request can be met. These multiple restrictions is what make Credit Unions better. However even though Credit Unions in St. Lucia are not without some drawbacks like better internet services, when it comes to buying property in St Lucia the way they pale in comparison to Banks and all it multiple demands. Integrate socially and financially.

St. Lucia Co-operative Credit Union League Members

 
  • Mon Repos Credit Union

  • Mabouya Valley Credit Union

  • Fond St. Jacques Credit Union

  • St. Lucia Seven Day Adventist Credit Union

  • National Farmers & Workers Credit Union

  • St. Lucia Civil Service Credit Union

  • Hospitality Co-operative Credit Union

  • Saltibus Credit Union

  • Dennery Credit Union

  • Royal St. Lucia Police Credit Union

  • Elk's City of Castries Co-operative Credit Union

  • Laborie Credit Union

  • Choiseul Credit Union

  • West Coast Credit Union

  • St. Lucia Teachers' Credit Union

  • St. Lucia Workers' Credit Union

  • St. Lucia Member Credit Unions

 
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MLS.lc is the official site of the Multiple Listing & Real Estate Services of St. Lucia (MLRES), with real estate offices located in Soufriere & Dennery. Multiple Listing & Real Estate Services is a member of the Realtors Association of St Lucia , Inc.