Buying a home is the most significant financial transaction most people will ever make. The thought of spending so much money can be daunting and for some people it may even make them hesitate to take the the first steps toward becoming a home owner. Others who have already taken the plunge may find themselves in a position where they want to make some upgrades to their existing home but they are concerned about the expense of doing so.
Good news! There are 19 different money saving programs available for home owners and home buyers.
Here are my top picks for this week:
Home Buyers’ Plan: Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
For more information, visit http://www.cra-arc.gc.ca for more information.
Low Interest Renovation Loans: Financial institutions offer ‘green’ loans for home owners making energy efficient
upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.
For more information, visit www.rbcroyalbank.com/products/personalloans/energy-saver-loan.
If you would like more information about money saving programs for homeowners and home buyers, call or email me and I will help you out.