August 10 2006 Media Release

Vancity’s new Mixer Mortgage provides a non-traditional approach to home ownership

Vancouver, August 10, 2006 – British Columbia’s hot real estate market has made it increasingly more difficult for many people, particularly younger and first-time buyers, to purchase a home. In response, Vancity is offering the "Mixer Mortgage"—a new approach to traditional home buying designed for a "mix of people" who partner up to purchase a home and take out a mortgage.

Potential "Mixers" include family members, friends, co-workers, the newly single, or anyone in a partnership relationship not covered by a marriage agreement.

Home ownership will be made more affordable and accessible by Mixers sharing the down payment, mortgage payments and other ownership expenses. While each party’s name will appear on the title for the property, the owners will have the flexibility to decide how the costs will be divided amongst the partners.

A Vancity mortgage specialist will tailor a package of products and services and guide the prospective multiple owners through the mortgage portion of the home buying process. Vancity will recommend as an option, that an independent attorney draw up a co-ownership agreement—a legal document that outlines each individual’s interest in the property and provides for an equitable distribution of the property in the event that the relationship ends or the property needs to be sold.

Mixer Mortgage buyers will also be referred to a Vancity Insurance advisor for home insurance and life insurance for each of the parties as an extra measure towards protecting their investment. Mixer Mortgage purchasers will receive a 10 per cent discount on their Vancity home insurance.

"The impetus for the development of the Mixer Mortgage came from our members who were looking for more creative and affordable alternatives to home financing," says Sloan Dinning, director, brand and marketing communications for Vancity. "We saw the opportunity to offer a product that would change the way people look at buying a home."

As Vancity members, Mixer Mortgage holders are automatically enrolled in Vancity’s "Shared Success" program that gives back 30 per cent of net profits to members and the community. Since 1994, members have received over $70 million in Vancity profits.

In creating the Mixer Mortgage Vancity continues its 60-year tradition of offering products and services that meet the often unique needs of its members. For example, Vancity was the first financial institution to provide mortgages on properties east of Cambie Street, to introduce open mortgages and to make mortgages available to women without a male co-signer.

Multiple owners interested in applying for a Mixer Mortgage can do so by calling 604-877-7000 to make an appointment at a Vancity branch in their area or by visiting Vancity’s website to contact a mortgage specialist or to apply online.

Vancity is Canada’s largest credit union, with $11.8 billion in assets, more than 335,000 members, and 46 branches throughout Greater Vancouver, the Fraser Valley and Victoria, as well as two Squamish Savings branches. This year, Vancity was named the Best Place to Work in Canada by Canadian Business Magazine and is celebrating its 60th anniversary. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet.