B.C. government offers first-time home buyers five-year, interest-free down-payment loans
SURREY, B.C. — British Columbia’s government wants to help first-time homebuyers get into the market by offering interest-free and payment-free loans for the first five years.
Premier Christy Clark says the government will provide first-time homebuyers with a 25-year loan for a down payment on a home to a maximum of $37,500, as long as the funds have been matched by buyers.
The program applies to homes with a maximum value of $750,000 and the interest-free portion of the loan will last for the first five years, with the repayment schedule at current interest rates over the remaining 20 years.