the credit union home buyers plan
DESCRIPTION
The Credit Union Home Buyers Plan. Created by: Robert Christiansen. CU Home Buyers Plan. Agenda. Bringing the CU Home Buyer Plan to Life: What is it? Survey Methodology Results Summary Marketing Opportunity Banking System Forms. CU Home Buyers Plan. What is it?. - PowerPoint PPT PresentationTRANSCRIPT
The Credit Union Home Buyers Plan
Created by: Robert Christiansen
CU Home Buyers Plan - R. Christiansen
2
Bringing the CU HomeBuyer Plan to Life: What is it? Survey
Methodology Results Summary
Marketing Opportunity
Banking System Forms
CU Home Buyers Plan Agenda
CU Home Buyers Plan - R. Christiansen
3
CU Home Buyers Plan What is it?
CU Home Buyers Plan - R. Christiansen
4
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?
CU Home Buyers Plan - R. Christiansen
5
CU Home Buyers Plan What is it?
Hold up… Down Payment Assistanceprograms have failed in the past… What makes this program anydifferent?
CU Home Buyers Plan - R. Christiansen
6
Bringing the CU HomeBuyer Plan to Life: What is it? Survey
Methodology Results Summary
Marketing Opportunity
Banking System Forms
CU Home Buyers Plan Agenda
CU Home Buyers Plan - R. Christiansen
7
CU Home Buyers Plan Survey
CU Home Buyers Plan - R. Christiansen
8
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
CU Home Buyers Plan - R. Christiansen
9
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
CU Home Buyers Plan - R. Christiansen
10
12%
22%
33%
18%
9%5%
Age of Respondents
18 - 2526 - 3031 - 3536 - 4041 - 5051+
CU Home Buyers Plan Survey Results
CU Home Buyers Plan - R. Christiansen
11
Under 35 YearsUnder 35 Years, Non Home OwnerSenior Management/Executive
Cross Tabulated Results
CU Home Buyers Plan - R. Christiansen
12
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
CU Home Buyers Plan - R. Christiansen
13
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?
< 35 Years< 35, Non Home OwnerSenior Management /Execu-tive
Survey Results
CU Home Buyers Plan - R. Christiansen
14
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?
< 35 Years< 35, Non Home OwnerSenior Management /Execu-tive
Survey Results
CU Home Buyers Plan - R. Christiansen
15
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
CU Home Buyers Plan - R. Christiansen
16
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
CU Home Buyers Plan - R. Christiansen
17
Bringing the CU HomeBuyer Plan to Life: What is it? Survey
Methodology Results Summary
Marketing Opportunity
Banking System Forms
CU Home Buyers Plan Agenda
CU Home Buyers Plan - R. Christiansen
18
CU Home Buyers Plan Marketing Opportunity
CU Home Buyers Plan - R. Christiansen
19
CU Home Buyers Plan Marketing Opportunity
CU Home Buyers Plan - R. Christiansen
20
CU Home Buyers Plan Marketing Opportunity
CU Home Buyers Plan - R. Christiansen
21
Bringing the CU HomeBuyer Plan to Life: What is it? Survey
Methodology Results Summary
Marketing Opportunity
Banking System Forms
CU Home Buyers Plan Agenda
CU Home Buyers Plan - R. Christiansen
22
CU Home Buyers Plan Banking System
CU Home Buyers Plan - R. Christiansen
23
CU Home Buyers Plan Forms
CU Home Buyers Plan - R. Christiansen
24
CU Home Buyers Plan Summary