Down Payment Options
Whether you a first-time home purchaser or looking to move up, getting the money together for a down payment on your new home is a daunting task. We have three down payment options to help you get moving faster.
If you need to borrow more than 80% of the value of your home, a High Ratio Mortgage is what you need. High Ratio Mortgages are protected through partnerships we have with Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Capital.
With a High Ratio Mortgage, your down payment can be as low as 5%. The amount you pay for CMHC or Genworth protection depends on the size of your mortgage and can be built into the mortgage amount.
If you have at least a 20% down payment for your home purchase (based on the lesser of either the purchase price or appraised market value) a Conventional Mortgage is the right choice for you.
We offer standard Conventional Mortgages for both new and existing homes. And with our 80% Conventional Mortgage, you can avoid the cost of underwriting your mortgage through CMHC or Genworth.
Home Buyers' Plan
The Home Buyers' Plan is a federal government program that allows you to borrow money from your registered retirement savings plan (RRSP) to buy your home, as long as you meet certain conditions.
Under this plan, you can withdraw up to $25,000 ($50,000 per couple), tax free from your RRSP savings and apply it toward a down payment on your home.
For more information about the plan, see the Canada Revenue Agency's RRSPs and Related Plans page.