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Build your down payment

Increasing the size of your down payment can be a very good idea.

The bigger your down payment, the smaller the mortgage you’ll need for the purchase of your home. With a smaller mortgage, the smaller the payments you need to make, and the less overall interest you’ll pay.

Saving money

If you need to save for your down payment, we can help you reach your goal faster. Vancity’s longer term savings products such as the are a good choice if you’re a first-time home buyer who plans to look for a home in a few years. If you plan to buy a home sooner, our shorter term products, such as the cashable 1-year term deposit or a Jumpstart high-interest savings account can help you earn higher interest rates while keeping your money accessible.

Consolidating debt

As a first-time home buyer, you may want to look at debt consolidation. Consolidating your debt under a single loan can help you minimize interest costs and pay off debt sooner so you can get your mortgage faster.

Did you know?

To get your first-time home buyer’s mortgage faster, you can use up to $35,000 from your RRSPs for your down payment.

Using your RRSP savings

You can withdraw up to $35,000 in RRSPs per person in one calendar year without penalty to buy or build a qualifying home. There are some rules, though:

  • You must wait at least 90 days after your RRSP contribution date before you can withdraw RRSPs for a down payment.
  • After a two-year grace period, you will need to start repaying the RRSPs you withdrew. If you don’t repay them within 15 years, the outstanding amount will be added to your taxable income.
  • Visit the Government of Canada Home Buyers’ Plan for more information on withdrawing RRSPs for a down payment.

Leveraging government programs

Canada’s First-Time Homebuyer Incentive (FTHBI) Program helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens. The program begins September 2, 2019. The first closing will take effect on November 1, 2019. Visit for more information on the program and qualification requirements.

Using monetary gifts

You can put gifts of money from family and relatives towards a down payment. If you do, you may need to show where the money came from and confirm it’s non-repayable by providing bank statements and a letter from the gift-giver.

Talk to us

To apply for a mortgage or get answers to your questions, please make an appointment to meet with a mobile mortgage specialist, visit a branch, or call our Member Services Centre toll-free at 1.888.826.2489.


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