FIRST HOME SAVINGS ACCOUNT (FHSA)
Learn how an FHSA can help you save for a mortgage.
Existing members can apply online for a personal loan up to $20,000. Simply log in to online banking, click Account Services and Apply for Loan.
Updated April 10, 2025 6 min read
Are you a would-be home buyer? If so, you’re probably a bundle of emotions—excited and nervous all at the same time. After all, this is one of the biggest purchases of your life. You may already know that you’ll need to determine whether you can afford the mortgage payment—but did you know of the other costs that will need factoring in? Here are all the things you’ll need to consider.
The first step on your home ownership journey is to determine how much “house” you can afford. If you’re not sure, a good place to start is with our mortgage calculator. You’ll want to be able to comfortably cover your payments and other home ownership costs, and still be able to meet the rest of your financial commitments.
This is the amount of money that you will put towards the purchase of a home. Although the down payment will ultimately be deducted from the purchase price of your home, you will still need these funds upfront.
Purchase Price
$500,000 or less
$500,000 to $1,499,999
Minimum down payment
5% of purchase price
5% of the first $500,000 of purchase price
10% of any amount over $500,000
Another pro tip: You can get help saving for your down payment with our One Grand Plan savings program. That’s where if you save consistently with no withdrawals for 36 months, we’ll reward you with $1,000 toward your down payment when you take out a mortgage with us.
Mortgages that allow a down payment of less than 20% require you to have mortgage loan insurance and need to be approved by Canada Mortgage and Housing Corporation (CMHC) or Sagen MI Canada Inc. This protects the lender in case you can’t make your mortgage payments.
Be aware of these additional costs when you are purchasing a home:
Understanding these costs will help you prepare for buying your home. Our mortgage specialists can guide you through the process and answer any questions you may have.
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