The Credit Union Home Buyers Plan Created by: Robert Christiansen.

The Credit Union Home Buyers Plan

Created by: Robert Christiansen

CU Home Buyers Plan - R. Christiansen

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Bringing the CU HomeBuyer Plan to Life: What is it? Survey

Methodology Results Summary

Marketing Opportunity

Banking System Forms

CU Home Buyers Plan Agenda


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CU Home Buyers Plan What is it?


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CU Home Buyers Plan The Details:

20% matched contribution on up to a maximum of $2,000 in member contributed savings for a maximum contribution of $2,000 over the life of the plan

Underlying investments may vary Guaranteed Non-Guaranteed

The Clawback Must be set up and administered in branch

What is it?


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CU Home Buyers Plan What is it?

Hold up… Down Payment Assistanceprograms have failed in the past… What makes this program anydifferent?


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CU Home Buyers Plan Survey


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Is the CU Home Buyers Plan something young people see value in and/or want? Under 35 Crosstab

Is the CU Home Buyers Plan something first time home buyers (ie: current young, non-home-owners) see value in and/or want? Under 35 and Non-Home Owners Crosstab

Is the CU Home Buyers Plan something that would be supported by Senior Management/Executive? Senior Management/Executive Crosstab

CU Home Buyers Plan Survey Setup


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Created and analyzed survey results with Survey Monkey

Number of Respondents 76 Respondents

Survey Distribution Facebook Twitter Crash Network National Young Leaders Online Network

Note: Most respondents are likely Canadian, given my social connection

CU Home Buyers Plan Survey Setup

http://www.facebook.com/bobby.christiansen

http://www.facebook.com/bobby.christiansen

http://twitter.com/#!/R_Christiansen

http://crash.coop/groups/collider/forum/topic/collider-survey-help-please/

http://creditunionnyl.ning.com/


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12%

22%

33%

18%

9%5%

Age of Respondents

18 - 2526 - 3031 - 3536 - 4041 - 5051+

CU Home Buyers Plan Survey Results


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Under 35 YearsUnder 35 Years, Non Home OwnerSenior Management/Executive

Cross Tabulated Results


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CU Home Buyers Plan

$0 $1 - $100

$101 - $250

$251 - $500

$501 - $1000

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

To what extent or dollar figure should the financial institution you bank with contribute financially to

the purchase of your home?

< 35 Years< 35, Non Home OwnerSenior Management /Execu-tive

Survey Results


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CU Home Buyers Plan

Yes No0%

20%

40%

60%

80%

100%

If a FI offered to pay you 20% return on your first $2,000 in down payment savings per year over 5 years (that is, $400/year up to a maximum of 5 years), would that be enough of an incentive to

spend 5 years saving to purchase your first home?


Survey Results


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CU Home Buyers Plan

Yes No0%

20%

40%

60%

80%

If a FI offered to pay you 20% return on your first $2,000 in down payment savings per year over 5 years (that is, $400/year up to a maximum of 5 years), would that be enough of an incentive to

obtain mortgage financing through that FI?


Survey Results


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CU Home Buyers Plan Survey Results

Yes No0%

10%20%30%40%50%60%70%80%90%

24%

76%

If you own your own home, think back to your first mortgage. Did the financial institution you ob-

tained financing through provide you any financial incentives (ie: waived fees, paid for appraisals, paid you cash, etc.) throughout the transaction?

All Respondents


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CU Home Buyers Plan Summary:

Young people want Fis to provide some financial incentive in a mortgage transaction $250 to $1,000 range

The financial incentive the CU Home Buyers Plan offers is enough of an incentive to save for a down payment

The financial incentive the CU Home Buyers Plan offers is enough of an incentive to obtain mortgage financing at the FI offering such incentive

Most FIs do not provide a financial incentive to obtain mortgage financing The one’s that do cover fees: $200 - $300

Summary


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CU Home Buyers Plan Marketing Opportunity


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CU Home Buyers Plan Banking System


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CU Home Buyers Plan Forms


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CU Home Buyers Plan Summary

The Credit Union Home Buyers Plan Created by: Robert Christiansen.

Documents

Transcript of The Credit Union Home Buyers Plan Created by: Robert Christiansen.