
First-time home buyer programs
As a first-time home buyer you have access to some great incentives, tax credits and resources to help you turn your home-ownership dream into reality. Check out your options or talk to an expert to learn more.

BMO support program
Want to buy a home but don’t have the cash to make a down payment? BMO can help you access the funds you need to save for a down payment.
BMO Default Insured Borrowed Down Payment Program
You may borrow your down payment up to a limit of 9.99% of the purchase price of your home. You may also apply for a loan secured with liquid assets pledged by immediate family members for the purpose of purchasing a home, subject to a maximum down payment of 9.99% of the purchase price of your home.
Government support programs
The Government of Canada also offers specific programs or incentives for first-time home buyers. Some of the available programs are listed below for your knowledge and reference. Please refer to the Government of Canada website for more details.
Home Buyers’ Plan
Borrow up to $60,000 from your RRSP (plus an additional $60,000 from your spouse’s RRSP for a total of $120,000) to buy your first home.
Please refer to the link for more details.
First-Time Home Buyers' Tax Credit
Claim $5,000 non-refundable income tax credit amount for purchasing a qualifying home when you file your taxes.
Please refer to the link for more details.
GST/HST New Housing Rebate
Recover some of the GST or HST you paid to buy, build or renovate your home.
Please refer to the link for more details.
30 Year Amortization
If you’re a first-time home buyer and purchasing a property, you can choose a 30 year amortization which may allow you to lower your payments.
Please refer to the link for more details.
First Home Savings Account
A registered plan that allows first-time home buyers to save for their new home tax-free.
Please refer to the link for more details.
Want to learn more? Get in touch with us.
Tips for first-time home buyers
Make the most of home buyer programs.
Lender and the government and both offer special programs for first-time home buyers.
Get to know the home-buying process.
Take some time to do your research, learn the terminology and walk through the steps of buying a home. Learn more about buying a home.
Talk to the experts.
Buying a home is a team activity! Reach out to friends, family and mortgage professionals so you can make informed decisions.
Get pre-approved.
Getting pre-approved let’s you lock in your rate with our 130-day mortgage rate guarantee‡, plus it’s free, easy and there’s no commitment.

First-time home buyers frequently asked questions
Yes, with the BMO Default Insured Borrowed Down Payment Program you can borrow your entire down payment subject to a maximum down payment of 9.99% of the purchase price of your home.
You need at least 5% of the value of the property, but if you don’t want to pay for mortgage default insurance (or you’re buying your second property), then you need to make a down payment of at least 20%. So if you decide on a house that’s $300,000, you’ll want a down payment of $60,000 to avoid paying mortgage default insurance.
If you don’t have the cash saved up for a down payment you can also use the BMO Default Insured Borrowed Down Payment Program. It lets you borrow your entire down payment subject to a maximum down payment of 9.99% of the purchase price of your home.
If you can’t afford a 20% down payment, you’ll have to get mortgage default insurance to qualify for a mortgage. You can pay the premium up front or add to your monthly mortgage payment.
You should get pre-approved before you start looking for a home. A pre-approval will let you know how much home you’ll be able to afford, what your interest rate will be, and it’ll signal to real estate agents (and sellers) that you’re serious.
There isn’t a set formula, but buying a home usually involves:
- Finding out how much you can afford
- Exploring your mortgage options
- Getting pre-approved
- Going house hunting
- Closing the deal
- Managing your mortgage