The total value of mortgages issued by credit unions affiliated to the Irish League of Credit Unions (ILCU) has jumped by 51% in the past year.
According to its annual results for the financial year to September, the ILCU said its mortgage loan book had expanded from €371 million to €560 million.
This means that mortgages now make up 10% of the total loan book of ILCU credit unions. ILCU members make up 90% of active credit unions in the country.
"The credit union sector's mortgage loan book has climbed to more than €700m, almost doubling over two years, with clear momentum toward a €1 billion milestone over the next two years," said ILCU chief executive David Malone.
"In this context, we eagerly await the outcome of the Central Bank review of the credit union lending framework, and we would be hopeful of an easing of mortgage lending limits, further empowering credit unions to support homebuyers," he added.
Overall, the total value of new loans issued by members of the organisation rose 7.2%, to reach €2.78 billion.
It left the loan book at €5.89 billion at the end of the financial year, up 11.2% on the previous 12 months. Despite this, the volume of new loans fell 0.8%.
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