Getting the right financial advice for success

< Back to all articles

Buying a house is a major decision. It’s much more than picking the place of your dreams–it’s also about getting the best options possible to finance the big purchase.

Recently at Public Service Credit Union in St. John’s, Newfoundland and Labrador, a couple came in to withdraw money from their savings account to make a down payment on their new home. They already had a mortgage arranged with another financial institution.

Member services representative Colleen Knight discovered what the couple was doing and she reached out to them.

“I asked them if they had spoken to anybody about their purchase and they said no,” said Knight. “They were feeling overwhelmed.”

Trying to help them get the right advice, Knight connected the couple with mortgage officer Lisa Quirk. 

After meeting and asking the couple some questions, Quirk was able to offer some viable options based on their situation.

Instead of withdrawing from their savings, the couple could take advantage of their significant unused RRSP contribution room and it would help them in getting money back on their tax return.

In the end, the couple would use the Homebuyer’s Plan and RRSP loan in order to come up with a down payment. Additionally, they opted to get a mortgage through the credit union while cancelling the one they had in place with the other institution. 

Because of their satisfaction, the couple decided to move all their financial services over to the credit union.

Making an Informed Decision

When making a major purchase and not knowing what options are out there it can be easy to feel overwhelmed - every situation is different. 

However, there is one piece of advice the credit union offers when it comes to making a huge financial life decision.

“The best thing that you can do is talk to someone,” emphasized Quirk. “Information is power and if you don’t have all of the information you need, you’re not setting yourself up for success.”

“People work too hard for their money. You’ve got to have the information.”

While it might be intimidating to get advice, financial experts are there to guide individuals.

“For the person looking for service and the person giving advice, it’s hard to get the initial conversation going sometimes,” added Quirk. “By asking a simple question, or listening to a member, you find that they don’t always know what they’re doing and how you can help them.”

Overall, the key is for individuals and credit unions to take the first steps in beginning a connection that results in a win/win situation.

“The best way to find out what somebody is looking for is through having that conversation,” explained Knight. “It opens doors.”

Credit unions across Atlantic Canada open those doors so you can get the right information to make informed financial decisions. We want to help people make their goals become a reality.