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First Home Advantage

FIRST HOME ADVANTAGE PROGRAM

A low-interest personal loan of up to $25,000 to help first-time home buyers increase their down payment and get into their first property.


Benefits of the First Home Advantage Program

Increased buying power for your down payment
✔ Low interest rates / amortization periods of up to 10 years
Eligible home purchases include single family homes, condos, and mobile homes

 
 

Applications are now OPEN!

If you have any questions about this program, please see our FAQ below or email us at firsthomeadvantage@interiorsavings.com

 
 
 
 

About the Program

Saving up for a down payment on your first home can be challenging, and in an increasingly competitive housing market, it’s often hard to get ahead. The First Home Advantage Program is a limited time offer that will provide successful applicants with a low interest personal loan of up to $25,000. You’ll have up to 10 years to repay the loan back with interest rates as low as 2-4% for the first five years. This program is available to first-time home buyers only. Qualifying individuals can apply online or speak to a mortgage specialist for personalized guidance.

How Does it Work?

Think of it as a significant financial boost for your down payment. Once an application is approved, funds from the First Home Advantage Program are held for up to 90 days. When the purchase of your first home legally closes, those funds are transferred to your solicitor as part or all of your down payment on the property. You’ll repay funds from the First Home Advantage Program to your lender as per the loan agreement.  The property being purchased must be the owner’s primary residence, and your mortgage must be held with Interior Savings, Gulf & Fraser, or North Peace Savings. If the mortgage is moved to another financial institution, the loan would be required to be paid off in full. For more details, please read our FAQs below or contact us.


What can First Home Advantage Program funds be used for?

If you borrow funds through the First Home Advantage Program, they must be put towards the down payment on your first home. You can use the loan as your entire down payment or add it to funds you’ve already saved. For example, if you’ve saved $30,000, you can combine that money with your First Home Advantage Program Loan to put up to $55,000 down on a property. Borrowers must have separate savings for their deposit and closing costs, as the loan cannot be used for those expenses.

 

Limitations and Conditions

To qualify for this program, borrowers must meet specific eligibility requirements. This includes income and credit requirements as well as qualifying as a first-time home buyer (an individual who has never owned a property before).

Upon approval, loan proceeds will be held until closing day on your new home. Pre-qualification and the loan offering will be held for 90 days. It is important to note that the loan proceeds will be transferred directly to your solicitor, not transferred directly to the borrower.

The loan qualification and mortgage qualification for your first home purchase will be completed in tandem. This program is a limited time offering with up to 40 loans available. Applications will be reviewed on a first-come, first-served basis.

  • Available for first-time Home buyers Only
  • Available for new purchases only
  • Must be for a primary residence
  • You must be 19 years of age or older
  • If there is more than one applicant, the applicants may have a joint account
  • You must be a member of one of Interior Savings, Gulf & Fraser, or North Peace Savings
  • No mortgage incentive available
  • Conventional mortgages do not apply
  • Must provide proof of closing costs
  • Maximum down payment available for program is 10% between borrowed funds and personal resources
  • Promotional pricing on loan is available if CUMIS Insurance is taken
  • Re-payment up to 10 years on the loan
  • Loan is secured under the new purchase and must be paid off in full if mortgage is moved to another financial institution or property is sold
  • Pricing on loan is valid for up to a 5-year period
  • Mortgage must be held with Interior Savings, Gulf & Fraser, or North Peace Savings
  • Loan proceeds are held and directed toward solicitor
  • Other terms and conditions may apply
  • This offer cannot be combined with any other offer
  • We may amend, terminate, withdraw or suspend this offer at any time
  • All standard mortgage and loan requirements must be met. This includes but is not limited to debt servicing, Sagen Insurance approval, property insurance and all other credit union requirements
  • This is a limited time offer and is available up to 40 applications *

*The number of applications may vary depending on the utilized loan amounts within the program

 
 
 

Frequently Asked Questions

First Home Advantage Program FAQs
The program is designed to assist first-time home buyers by providing access to up to $25,000 at a low interest rate to use a down payment on a home purchase. The loan qualification and mortgage qualification will be completed for your new purchase.
First-time homebuyers who meet certain income and credit requirements may be eligible for the program. Specific eligibility requirements are based on internal policies, Sagen Insurance policies and underwriting guidelines. Note- This program is available through Sagen for purchases up to 90% loan to value.
 
This is a limited time offering and application reviews will be based on a first-come, first-served basis.
Qualified applicants may borrow up to a maximum of $25,000 to be used exclusively as a down payment for purchasing their home. Amortizations of the loan can be up to 10 years.
The program offers a low-interest rate on the borrowed amount, typically lower than standard personal loans or credit options. Specific interest rates can vary and range from 2.00%-4.00% and CUMIS insurance requirements.
The borrowed funds are to be used for purchasing a primary residence, which can include single-family homes, condominiums, townhouses, and mobile homes. Conditions apply based on Sagen Insurance’s underwriting guidelines.
Deposits are typically required to ensure buyers and sellers will do what they promised in the contract. Sellers typically require a deposit once an offer is accepted on their property. The deposits are meant to guarantee the performance of the contract. It’s important to note that the deposit does form part of your down payment. The deposit required for the new property purchase must be paid by your resources. The loan provided will not be provided until the closing date of the property purchase.
The maximum amount is based on finances and other varying factors. It’s best to speak with your lender directly as everyone’s financial picture is different.
Upon approval, the loan proceeds will be held until a property purchase is made. Pre-qualification and the loan offering will be held for 90 days. It is important to note that the loan proceeds will be transferred directly to your solicitor for the new property purchase.
In order to qualify for this program, we will need to ensure you have enough funds available to accommodate all closing costs. This would be legal fees, property transfer fees and any other applicable fees.
There is a Sagen Insurance premium added to your mortgage amount. This is standard for all purchases with less than 20% of a down payment. The premium rate is 4.5%. Other fees can include legal fees and other closing costs paid directly to the solicitor.
If the mortgage is moved to another financial institution, the loan would be required to be paid off in full. This is typically handled with the solicitor.  At the time of signing the mortgage agreement and loan agreement, there is an All-Obligations Form signed that states that the loan is secured under the property that was purchased. This will be valid until the loan is re-paid in full.
The promotional rate is valid for 5 years. At the time of renewal, the loan will be renewed into standard unsecured loan pricing. When the loan is up for renewal, we recommend speaking with your lender regarding options that may be available such as a mortgage refinance, equity take out or paying off the loan in full.
Yes, this program is available for first- time home buyers who are looking to purchase. As an example, if you have $5,000 saved and you are only looking for $20,000. You can apply for $20,000 opposed to the full $25,000 loan. Note: If you have funds in place but need additional funds for a larger purchase price, this program may be suitable. Please see point 6.  If you have further questions, please discuss your options with our Member Service Centre, Mortgage Specialists or any of our branches.
We suggest you work with your lender to determine all borrowing options. This can be in the form of looking for a co-signer, financial planning etc. Every situation is different, and our lenders can assist you with the next steps.
As this is a limited time offer, not every applicant may be chosen. Please speak with our lenders to determine what options you have for a mortgage pre-approval.

 

Questions?

Please reach out to us via email at firsthomeadvantage@interiorsavings.com