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Jumping on free home loans

B.C.'s housing minister says a program to help first-time homebuyers received applications within hours of launching.

Rich Coleman says nearly 30 applications have been submitted for a provincial loan program to help first-time buyers since it went live this morning, and the province was ready to approve eight of those applications by Tuesday.

The B.C. Home Owner Mortgage and Equity Partnership announced last month gives first-time buyers a maximum $37,500 loan toward their down payment, and it's interest-free and payment-free for five years.

The loan matches a first-time buyers' down payment up to five per cent of the purchase price on homes with a maximum value of $750,000.

The loan must be paid off over the subsequent 20 years past the interest-free period, with payments scheduled at current interest rates.

Coleman says funds generated from taxes on luxury homes and foreign buyers made the program possible, and over 40,000 families are expected to benefit from the loans to purchase their first homes over the next three years.



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