Affinty COO Mark Lane

In most cases the single biggest barrier to someone in our province purchasing a new home is the down payment. But an announcement by eight Saskatchewan Credit Unions, including Conexus here in Moose Jaw, at the SUMA Convention in Regina Monday aims at knocking down that barrier.

COO of Affinity Credit Union in Saskatoon Mark Lane says the HeadStart Equity Builder program is built on something they've been doing for the past ten months. "People can typically afford the rent that's required and may make ends meet but accumulation of the down payment tends to be one of the reasons that prohibits families, in particular young families from becoming homeowners."

"The HeadStart on a Home Equity Builder program will commit up to $10 million on behalf of the Credit Unions at an interest rate of prime to prospective homeowners in Saskatchewan." explained Lane.

Lane adds that the program is targeted specifically at entry level homes valued at or below of the M-L-S average for that city. Here in Moose Jaw, the new 15-unit Plaxton Ridge Condominiums one of the already approved projects that qualify for the program.