New to Canada Program
You’ve made the journey, now let Westoba Credit Union help you find your home and set you up for financial success.
We offer THREE products, all designed to help make settling into Canada easier. Our New to Canada Program includes a mortgage and banking products designed exclusively for new Canadians and expats returning to Canada from abroad.
What makes our New to Canada Program unique?
It’s a no-income or income qualifier mortgage that is available to non-landed immigrants, new permanent residents or Canadian expats returning to Canada. This means that you and your family can relax in your new home in less time. We have confidence in the capabilities of those who immigrate to Manitoba for work or school and have created a mortgage that makes it easier for newcomers to meet the requirements to purchase a home and begin building a new life in Canada. Once you’re approved for the New to Canada Mortgage you could be eligible for:
2) No Fee Banking*
We understand that coming to Canada was a big investment, therefore we will provide you with no fee transactional banking on your chequing account for up to one year. After one year you will be transitioned to one of our cost effective WestobaONE Chequing products.
3) Credit Card*
Establishing credit history is very important. We will help you establish your credit by offering a guaranteed approval credit card.
What are the qualifications of the New to Canada Mortgage?
To be eligible, you must:
- have lived in Canada for three (3) years or less; OR be a student at a recognized university for five (5) years or less; AND
- have a work permit, permanent resident card or student visa; and
- have lived outside Canada for a minimum of 3 years if Canadian expat (Canadian living outside of Canada)
- obtain life insurance or assign existing life insurance.
Whether you want to buy a house, duplex, condominium or town home, as long as the home is your primary residence you may qualify for a New to Canada Mortgage.*
Along with being your primary residence, the home you are purchasing must:
- have a minimum down payment of 25% of the purchase price
- have an economic life of at least 25 years;
- be valued at less than $1,000,000; and
- be a residential property located in a market with demonstrated ongoing resale demand within 150 kilometers of Winnipeg or Brandon, Manitoba.
You may complete a New to Canada application as a new construction mortgage, under the following conditions:
- The approval letter must state that any overages require pre-approval by Westoba Credit Union.
- The down payment (25%) must be held on deposit with Westoba Credit Union and sent to the legal representative upon request.
- The build is completed as a turn key build
- Progress draw mortgages may be considered providing with the above requirements and:
- 25% down payment be made with an additional 10% to be held on deposit with Westoba Credit Union. Additional 10% will be released upon 100% completion of home once confirmed that no cost overruns exist.
*Some conditions apply. No fee banking includes transaction specific chequing fees and does not include services charges incurred at a Westoba branch. Home Equity Line of Credit is available on approved credit.
We speak your language
Each year, thousands of people immigrating to Canada choose Manitoba, adding to the multi-cultural community in the province.
That’s why Westoba is investing in programs and services for new Canadians. Westoba’s We Speak Your Language program wants to be of service to as many newcomers. If you prefer to do your banking in your native language, let us know and we’ll do our best to meet your needs.
Let’s talk about how we can help you make Canada home. Call 1-877-WESTOBA or book an appointment now.