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Guidance, support, and mortgages for first-time buyers

Buying your first home is a big step, but you don’t have to do it alone.  From understanding down payments to applying for a mortgage, we make the process approachable and clear. With ACU, you’ll find a mortgage that fits your budget values, and vision for the future.

Buying your first home is an exciting milestone, and with the right support it can be a smooth and rewarding experience.

From saving for a down payment to choosing the right mortgage, there are important steps to consider—but you don’t have to do it alone. At Assiniboine Credit Union, we’re here to guide you every step of the way with flexible mortgage options, expert advice, and tools to help you make informed decisions. Whether you're planning for the future or ready to buy, we’ll help you find the financing solution that fits your needs and goals.

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What to consider as a first-time home buyer

Saving for your down payment

One of the biggest hurdles to homeownership is saving for a down payment. You’ll need at least a 5% down payment on a home under $500,000 (there are additional requirements for higher-priced homes).

 

Down payment savings options:

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First Home Savings Account (FHSA)

A tax-free way to save for your first home. 

Learn more about FHSA →

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RRSP Home Buyers’ Plan

Withdraw up to $35,000 from your RRSP tax-free to put toward your down payment. 

Learn more about RRSP  →

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Gifted Down Payments

Some first-time buyers receive financial help from family to boost their down payment.

Tips for saving for a down payment

Start building your down payment fund early by setting up automatic transfers to a dedicated savings account. Even small, consistent contributions add up overtime. Consider exploring savings tools like the FHSA and the RRSP Home Buyers’ Plan, which can help you save tax-free and boost your down payment faster.

 

Every step brings you closer to turning your homeownership dreams into reality!

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Check out ACU's mortgage calculator

Get a rough estimate of what you can afford based on your income, expenses, and potential mortgage payments. It’s a great first step in planning for your home purchase.

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Get pre-approved for a mortgage

Before you start house hunting, getting pre-approved for a mortgage helps you understand how much you can afford and gives you an advantage when making an offer. ACU’s advisors can help you explore your options and secure a rate hold while you search for your home.

Book an appointment

Understanding your mortgage options

Choosing the right mortgage depends on your financial situation, risk tolerance, and long-term goals. ACU offers:

  • Fixed vs. variable rate mortgages: Stability of fixed rates or potential savings with variable rates. 
  • Open vs. closed mortgages: More flexibility to make extra payments or lock in lower rates.
  • Payment options: Choose from weekly, bi-weekly, or monthly payments to fit your budget.

Additional costs to plan for

Beyond the down payment, homeownership comes with extra costs, including:

  • Closing costs: Land transfer tax, legal fees, and home inspections.
  • Property taxes & insurance: Ongoing costs that vary by location and home type.
  • Home maintenance & utilities: Budgeting for repairs, upkeep, and regular bills.
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Why choose Assiniboine Credit Union?

At ACU, we do more than provide mortgages—we help members achieve financial well-being. As a values-driven financial institution, we put people first and offer:

  • Competitive mortgage rates and flexible terms
  • Personalized guidance from experienced mortgage specialists
  • Down payment savings solutions, including FHSA and RRSP Home Buyers’ Plan
  • Local expertise and a commitment to supporting our members and communities

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Ready to get started?

Whether you're saving for your down payment or ready to get pre-approved, ACU is here to help. Connect with one of our mortgage specialists to discuss your options and start your journey to homeownership.

Book your appointment