More than $2.1 million has been approved to date under the province’s new Graduate Retention Program — First Home Plan, in support of 230 approved applications.
Of that, payments of $450,000 have been issued for 49 interest-free loans. The average loan is approximately $9,184. Approximately 276 applications have been received. The first application was received 17 minutes after the initiative launched.
“The First Home Program has made it possible for my spouse and me to purchase our own home, freeing us from renting yet again,” said Kaleigh Maguire, a successful program applicant from Regina.
“Without this program, buying our own home this quickly after convocating from university would not have been possible. The online application process was quick and pain free, and the staff was knowledgeable and helpful with any questions that I had.”
“I would highly recommend this program to all graduates who are able to access it. It’s a wonderful way to start your future.”
The plan will help recent post-secondary graduates who have the income to qualify for a mortgage, but may be unable to save for a down payment.
The initiative allows eligible graduates to borrow up to $10,000 of their unused Graduate Retention Program tax credits as an interest-free loan to put toward the down payment on their first home.
First-time homebuyers and those who have not owned a home in the last five years may be eligible for the First Home Plan. Those who took possession of their home on or after May 1, 2016 are eligible for the program.
