First Time Buyers

Our Credit Union offers HIGH-RATIO MORTGAGES insured by CMHC or Sagen MI Canada Inc. (formerly Genworth MI Canada Inc.), up to 95% of the property value (minimum down payment of 5% to 19% is required).

With CONVENTIONAL MORTGAGE minimum down payment of 20% is required.

Normally, the minimum down payment must come from your own funds. You may be eligible for other loans to help you come up with the down payment. However, it is always better to save for a down payment to minimize your debts.

You may be able to use funds from your Registered Retirement Savings Plan (RRSP) for your down payment with the HOME BUYERS' PLAN (HBP). This Plan allows you to borrow a maximum of $25,000 from your RRSP to buy your first home. You do not have to pay tax on the money you withdraw to use as part (or all) of your down payment, nor do you have to pay interest on the money while it is outside your plan.

Additional information about mortgages, Home Buyers’ Plan, and our special offers can be found at any Credit Union location. We encourage you to book an appointment with a Branch Manager or a Loan Officer, to analyze and choose which mortgage option will best suit your individual needs.