First-Time Homebuyers Program

Newfoundland's Down Payment

Piggy Bank

Program Highlights:

  • Will assist approx. 100 applicants
  • Provide eligible households with up to 5% of the purchase price, for use towards a down payment on a new or existing home.
  • Funds are comprised of a $2,000 Grant with remainder as a Repayable Loan.
  • Funding is based on 5% of the purchase price and caps to a purchase price of $250,000 = $12,500 ($10,500 Repayable Loan + $2,000 Grant)
  • A purchase price above the cap is allowed, provided the applicant can make up the difference in the required down payment.


  • Must be First-Time Home Buyer
  • Have a Pre-Approved Mortgage from a recognized financial institution
  • Required Credit Score
  • Total household income < $85,000 (on a sliding scale basis)

Repayable Loan:

The assistance received in the form of a repayable loan and grant is financed through the Newfoundland and Labrador Housing Corporation.

Interest rates will vary and reflect the applicant’s ability to start repaying the loan. The interest rate will not exceed the prime lending rate minus one percent. (Prime = 3.95% as of January 15, 2019)

Payments on the repayable loan are not required for the first five years after the purchase, however, payments may be made earlier.

The max monthly payment in any given month would be just over $100.

Where Do I start:

  1. Complete a Pre-Approved Mortgage Application and I will take care of the rest 🙂

For more information on this and other programs please visit Newfoundland and Labrador Housing Corporation.

As a broker I offer

Home Purchasing Mortgage
New Construction Mortgages
Second & Private Mortgages
Rental Property Mortgages
Cash Back Mortgages
Purchase Plus Improvement Mortgage

Mortgage Renewals
Lender Switch
Mortgage/Title Transfer

Debt Consolidation
Equity Takeout
Spousal Buyouts
Home Renovations
Refinance for Lower Rate 

Commercial Mortgages
Investment Mortgages
Multi Unit Rentals
Blanket Mortgages
Mixed Use Properties 

Do you need a hand in the right direction?