New-to-Canada Mortgages | Steinbach Credit Union

Our New to Canada mortgage program was designed to help newcomers with the following features:

Income verification not required
Up to 30 years’ amortization with a 25% down payment*
Choose from flexible payment options to suit the needs of you and your family
Stop by your local branch to discuss your in-person approval

You are eligible for a New to Canada mortgage if:

You’ve been in Canada less than seven years
You have a valid work permit, study permit, or permanent resident card
You can provide a 25% down payment*
Your mortgage application will be for your personal home (i.e. primary residence)

*For home values up to $700,000. Home values over $700,000 require a 35% down payment.

Get ready for your preapproval meeting

Your preapproval meeting is a great opportunity to ask us questions and explore your mortgage options. Here’s what we need you to bring.

Read our preapproval checklist

Fixed Rate

Take comfort in knowing exactly how much equity you’ll build by the end of your mortgage term.

Features

Available in 1 to 5-year terms for up to 30 years’ amortization
Guaranteed rate of interest and set payment amounts throughout the term length
Prepay up to 20% of the original principal amount yearly with no penalty

Current consumer rates.

Conditions apply.

Start the conversation

Variable Rate Open

Consider a variable open mortgage if you’re looking to pay your mortgage off in less than five years.

Features

Offers the most flexible repayment options of any SCU mortgages
Make additional payments anytime without penalty
Interest floats as per our currently posted rates

Current variable interest rate.

Conditions apply.

Start the conversation

Variable Rate Closed

A variable rate gives you an opportunity to get ahead and pay your mortgage off faster if rates decrease.

Features

Pay your home off faster if rates decrease
The amount you pay each month remains the same throughout your term. The amount paid toward principal and interest fluctuates as rates change
Prepay up to 20% of the original principal amount yearly with no penalty
Available as a 5-year term for up to 30 years’ amortization

Current consumer rates.

Conditions apply.

Start the conversation

Variable Rate Capped

Enjoy the benefits of a variable rate, along with peace of mind of a protective rate ceiling if rates increase.

Features

Offers the flexibility of a variable mortgage, but capped at 1% above the current posted rate for a 5‑year term
Enjoy peace of mind knowing you’re protected from rising rates
Available as a 5-year term with up to 30 years' amortization
Prepay up to 20% of the original principal amount yearly with no penalty

Current consumer rates.

Conditions apply.

Start the conversation

More mortgage resources

Save more easily for your down payment

If you’ve started saving for a down payment, your journey to home ownership has already begun. We have ideas to help you save faster and more effectively for your down payment, to make owning your home that much more possible.

Joining SCU

Wherever you may be in your financial journey, consider making SCU your financial home for all your banking needs. We have solutions for all types of financial dreams, and as the guidance to help get you there.

Preapprovals made easy

When you’ve saved enough for a down payment, we’ll sit down with you to show you all your available mortgage options. Together, we’ll determine what mortgage amount you qualify for and give you a guaranteed rate for a set period of time. See our list of preapproval requirements.

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Get some helpful tips to consider as your renewal date approaches.

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New to Canada Mortgages

Our New to Canada mortgage program was designed to help newcomers with the following features:

You are eligible for a New to Canada mortgage if:

Get ready for your preapproval meeting

Fixed Rate

Variable Rate Open

Variable Rate Closed

Variable Rate Capped

More mortgage resources

Save more easily for your down payment

Joining SCU

Preapprovals made easy

You might also be interested in

Mortgage calculator

Explore the possibilities: Custom mortgages designed for you

Things to consider before renewing your mortgage

Questions? We're here for you.