Your Planet-Wise Teardown Financing
If you’re tearing down a home to build a new one, or undertaking a renovation, we can help you save money and limit the environmental impact. Good for you and the planet.
The deconstruction difference
Your Vancity Planet-Wise Teardown Financing can be used to employ contractors to deconstruct your building. For example, Unbuilders are a deconstruction and salvage company. They dismantle buildings in a way that saves lumber, windows, doors, cabinets, fixture, fittings and appliances. Deconstruction involves systematically taking buildings apart by hand, keeping at least 80%* of building materials out of the landfill.
- You can receive a tax credit for your donating materials to Habitat for Humanity’s ReStore or,
- The salvaged materials from your home can be sold and used as the materials to build homes for locals
Why not just demolish?
- Environmental impact: Material from the construction, demolition and renovation of buildings makes up a staggering share of our region’s landfill waste.
- Sustainability: Deconstruction means the materials from your home are reused, giving them a second life.
Loan options and features:
Planet-Wise Renovation Solution
- Financing terms up to 15 years
- Minimum loan amount of $3,500 and a maximum of $50,000
- Preferred interest rate of Vancity Prime Rate + 0.75%
Creditline (Unsecured Line of Credit):
- A preferred interest rate based on Vancity Prime Rate
- Unsecured loan
- Maximum loan amount based on how you qualify
Creditline Mortgage (Secured Line of Credit):
- Secured by your home
- A preferred interest rate based on Vancity Prime Rate
- Maximum Loan amount based on how you qualify and security pledged
Construction Mortgage
- Get a 90-day, up-front guarantee on the mortgage terms and interest rate
- Pay interest only for up to 18 months, starting from the date of the first advance
- Get financing for up to 80%** of the value of the home you plan to build.
Apply
Let your Account Manager know that you’re planning a demolition to build a new home or undertaking a renovation. They’ll take you through the financial and environmental benefits of deconstruction, provide information on the tax credit you can apply for, and work with you to find the best financing option.