Loans for first-time buyers
Beem Credit Union is trying to give first-time homebuyers a leg up when it comes to getting into the market.
The credit union, which was created in January through the merger of Interior Savings and Gulf & Fraser, is offering low-interest personal loans of up to $25,000 to help with their down payment.
The loans will be offered to 40 first-time homebuyers, who will have 10 years to pay it back. The interest rate for the first five years will be between 2% and 4%, which makes the program more manageable than other borrowing options.
“The First Home Advantage Program is just one of the ways we are able to help make home ownership more affordable and accessible to British Columbians,” Beem Credit Union CEO Brian Harris said in a press release. “Rental fees in B.C. are among the highest in the country, making it difficult for renters to save—especially if they’re young, early in their careers or paying off student loans.
“If you worked hard to save $35,000 for a down payment on a condo but you need $60,000 to make an offer, this loan could mean the difference between buying now or continuing to pay rent indefinitely. It’s intended to help hard-working people get ahead.”
The First Home Advantage Program is available to first-time home buyers only, and loan proceeds must be used to purchase a primary residence. More information about the loans can be found on the credit union’s website.