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Help for First-time Home Buyers

Help for First-time Home Buyers

Buy your first home with a little help

Finding enough money to afford your first home can be intimidating. Don’t stress! There are several government programs and mortgage options that make things easier for first-time home buyers.

Talk to us about your options

Government programs for first-time home buyers

First Home Savings Account (FHSA)

The FHSA is a great way to save for a down payment on your first home. FHSA contributions are tax deductible, and your savings will grow tax-free, just like your Registered Retirement Savings Plan (RRSP).

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Home Buyers' Plan

Through this plan you can withdraw up to $35,000, in one calendar year, from your RRSP to buy or build a qualifying home. You need to pay back this amount within 15 years.

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First-Time Home Buyers' (FTHB) tax credit

You can claim a $5,000 income tax credit from the government the same year you buy a home.

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Meridian mortgages perfect for first-time home buyers

High ratio mortgages

Get a mortgage without a 20% down payment. It’s a great way to afford your dream home sooner.

Friends and Family Mortgage

It’s easier to buy with a little help. This option lets you join forces with your family or friends to afford a home. You can use this option to apply for any Meridian mortgage.

Let's talk about your mortgage

Getting your first mortgage is a big deal, but it doesn’t have to be stressful. Feeling good about your mortgage can start with a conversation. Get in touch or arrange for one of our Mortgage Specialists to come to you. It’s easy.

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