Saving for a down payment

Achieve your dream of home ownership with the right tools and a little help

Saving for a down payment

Payment plans are attractive for big purchases, but a sizable down payment can make a huge difference on your month-to-month expenses. From reducing your bi-monthly payments to adjusting the interest rate you're paying for the convenience of a payment plan, you can make sure you've accumulated a generous sized down payment before delving into your next big purchase and can help save you in the long run.

Tips for home buying success

  • Know what tools are available to help you save. TFSAs are a great tool to help you build interest without being taxed on the earnings. Talk to a Financial Advisor at CWB to learn what tools are available to you.
  • Learn the rules of different savings options. Did you know you can use up to $25,000 of your RRSP for a down payment on your first home? Learning the rules to savings tools can help you maximize your finances and accumulate bigger down payments.
  • Pay off your credit cards and other debts first. Taking in more debts while paying off older debts can cause you to fall behind and stall your savings plans. By knocking off your older debts, you can focus your finances on a single goal.
  • See if you can consolidate your current debts. Through debt consolidation, you can take separate debts that you're paying different interest rates on and combine them into a single monthly payment, often at a better interest rate than you would be paying otherwise. If it’s available to you, debt consolidation can help you save money on making separate payments and help you put more money away for better down payments on higher purchases.

Your tools for success