First-Time Home Buyer Incentives in New Brunswick 2024

New Brunswick First-Time Home Buyer Incentive

The Government of New Brunswick’s Home Ownership Program provides a repayable loan of up to $75,000 to first-time home buyers. To qualify, you must have a household income less than $40,000 and have been a resident of New Brunswick for at least one year. The Home Ownership Program provides a repayable loan for 40% of the purchase price, of up to a $75,000 loan.

This loan is interest-free for households with incomes less than $30,000. For every $1,000 of income above $30,000, the interest on the loan increases by 0.5%, up to the provincial borrowing rate. With the loan, your Total Debt Service Ratio must not exceed 42%. The loan will have a term of one year, and a maximum amortization of 25 years.