Killarney Credit Union has officially entered the local mortgage market with the launch of a new standard mortgage product aimed at both first-time buyers and those looking to switch lenders.

The new offering features a competitive variable rate of 3.85% (3.92% APRC).
To provide borrowers with extra security, the interest rate for this product is capped at 4.4% for the first three years. This feature is designed to give homeowners certainty regarding their repayments while still allowing them to benefit from a variable rate structure.
Mark Murphy, CEO of Killarney Credit Union, stated that the product was developed in response to members seeking more choice in the mortgage market. He highlighted that, unlike larger commercial banks, all lending decisions for these mortgages will be made locally by the credit union team in Killarney. He also emphasized that the application process has been designed to be as straightforward as possible to reduce the stress typically associated with buying a home or switching providers.
The launch follows a decision by the Central Bank to increase lending limits for credit unions, a move welcomed by Minister of State Robert Troy. Speaking at a national launch event, the Minister noted that the introduction of such products supports increased competition in the market and recognizes the unique, community-based role that credit unions play in Irish life.