Saving for a down payment

Get all the information you need to help you save to buy a home.

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What you need to know:

Whether you're buying your first house or moving into your dream home, there are lots of things to consider. For example, a house has a list price, but what about the extra costs that come with buying a house? What sort of mortgage can you afford? Will you have enough money to pay for home renovations once you move in? These are all things to keep in mind when planning for this major purchase.


The sooner you want to buy a home, the faster you'll need to save. It's important to establish a time frame to save a healthy down payment to reduce the interest you'll pay over the length of your mortgage.


If you have a short time frame, taking on less risk will help ensure a steady increase in savings as you move toward your goal of securing a down payment.


Higher returns often bring higher risk. You need to balance risk with potential return to maximize the money for your down payment.

The Home Buyers' Plan

The Home Buyers' Plan (HBP) lets you withdraw funds from any Registered Retirement Savings Plan (RRSP) to help pay for your down payment. This plan is for first time home buyers. You can take out up to $25,000 from an RRSP and you have up to 15 years to repay to your RRSP the amount withdrawn.

TFSA, RRSP or both?

Tax-Free Savings Accounts (TFSAs) are great ways to save for the purchase of a new home. Not only will your money grow tax-free, but you also won't pay taxes on withdrawals you make. First time home buyers can also withdraw from their Registered Retirement Saving Plan (RRSP) to use towards the down payment. Ultimately, you may not need to choose one over the other. Your Scotiabank advisor can go through your options and help you make the decision that is right for you.

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Review your spending habits

Looking for ways to save even more? The Money Finder Calculator will help you find additional funds that can be put toward your goal of saving for a down payment by comparing your income to your expenses.

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First-time homebuyers

Buying a home is one of the biggest purchases you'll ever make – and you want to do it right. We have tools, articles and tips that can help you understand the home-buying process, understand your mortgage options, and make smart decisions that suit your needs.

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Bank the Rest

With Bank the Rest™, you save money with every debit purchase you make. Each purchase gets rounded up, to the next $1.00 or $5.00, and the difference goes right into your savings or investing account. This way you can build your savings as you make purchases.

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Mortgage Insurance

Mortgage insurance is distinct from mortgage life insurance or home, property, fire and casualty insurance; mortgage insurance provides protection to the lender in the event of a default by the borrower that can allow you and your family to maintain your home even if the unexpected should occur.

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Pre-Authorized Contributions

Pre-Authorized Contributions (PACs) help build your savings easily and conveniently through automatic contributions on a regular basis. Set it up once and start saving. It makes saving routine and hassle-free.

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Come to a branch for invaluable advice and get your investment questions answered.

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Where we can help:

Come to a branch for invaluable advice and get your retirement questions answered.

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