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New-to-Canada mortgages

Helping newcomers start new lives and find the perfect home for their families.

We believe that helping families is one way to make our whole community stronger. That’s why we’ve developed our New-to-Canada mortgage — to support you and your family with financial solutions that simplify your home buying journey.

You’re eligible for a New-to-Canada mortgage if:
  • You’ve been in Canada less than seven years
  • You have a valid permanent resident card.
  • You can provide a 25% down payment for home values less than $1,000,000, or 35% for homes valued over $1,000,000
  • Your mortgage application will be for your personal home (i.e. primary residence)

Benefits of our New-to-Canada mortgage

Choose between an insured and uninsured mortgage

An insured mortgage allows you to make a smaller down payment, or you may be able to save on insurance costs with a larger down payment.

Your mortgage, your terms

We require as little as a 5% down payment, with up to 30 years to repay your mortgage.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Easy approval process

Income verification is not required for our New-to-Canada mortgage.

Choose the mortgage solution that’s best for you

Fixed Rate

Offers a guaranteed rate of interest and set payment amounts for a specified period of time.

  • Take comfort in knowing exactly how much equity you’ll build by the end of your term
  • Available in 3- to 5-year terms for up to 30 years’ amortization
  • Guaranteed rate of interest and set payment amounts throughout the term length

Variable Rate Closed

Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.

  • Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty

Variable Rate Capped

Offers the flexibility of a variable mortgage, but capped at 1% above the current posted rate for a 5-year term.

  • An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
  • Available as a 5-year term for up to 30 years’ amortization
  • Prepay up to 20% of the original principal amount yearly with no penalty
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Get preapproved

Your preapproval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.

Learn more about the preapproval process

Mortgage rates

Interest Rate
Fixed 1-year Mortgage 5.60%
Fixed 2-year Mortgage 5.70%
Fixed 3-year Mortgage 5.50%
Fixed 4-year Mortgage 5.55%
Fixed 5-year Mortgage 5.55%
Closed Variable (APR†) Mortgage 5.80%
Open Variable (APR†) Mortgage 6.70%
Variable Capped Mortgage Rates Vary
Rates last updated February 24, 2023. Rates subject to change without notice.

Tips & tools

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The home buyer’s journey

What exactly can you expect from the home buying process? Here’s a step-by-step guide to receiving your financing at SCU.
Read our home buyer’s guide
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Crunch the numbers

Use our mortgage calculators to help you plan how much you can afford to spend on a home, your monthly payment schedule, and how much you’ll need for your down payment.
Explore our mortgage calculators
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Switching your mortgage to SCU?

Discover the benefits of an SCU mortgage, considerations for moving your mortgage, and documentation we’ll need from you.
Learn more about moving your mortgage

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Get advice

Please fill out this form to submit your questions/comment or you could contact our Member Contact Centre at our toll-free number

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