The main benefits of Desjardins FHSA Loan are:
✅ Borrow up to $8,000 in the first year and up to $16,000 annually from the second year
✅ Fixed interest rates based on term, amount, and credit profile
✅ Repayment terms up to 10 years, with flexible payment frequency
✅ Deferred payments for up to 6 months, so you can start repaying later
✅ No prepayment penalties — pay off your loan partially or fully anytime
Why we recommend Desjardins FHSA Loan
The Desjardins FHSA Loan is an accessible way to reach your FHSA contribution limit even if you don’t have enough savings. By maximizing your FHSA contributions, you can grow tax-free savings for your first home while potentially increasing your tax return. This refund could even help you repay part of the loan sooner.
Another practical aspect is the flexibility of payments, allowing you to choose between weekly, bi-weekly, or monthly options, adjusting the loan to fit your budget. Plus, with fixed rates, you’ll always know how much you’ll pay, and you can also delay your first payment for up to 6 months — a great help if you’re organizing finances for a future property purchase.
Unlike other borrowing options in Canada, Desjardins FHSA Loan is specifically tailored for first-home savings, meaning it connects directly to your FHSA contributions without affecting other credit limits or financial plans. You’ll also find similar products like RRSP loans in Canada, but FHSA loans are a newer tool focused entirely on home buying, making them a relevant solution if you’re preparing to purchase real estate.
Opinion of the author
The Desjardins FHSA Loan brings strong benefits for anyone who wants to accelerate their first home savings, especially those looking to take advantage of tax benefits. Having access to up to $16,000 per year can make a real difference in your ability to build a good down payment. However, it’s important to evaluate the fixed interest rate — while predictable, rates like 6.05% to 7.45% depending on the term may feel high if you expect to repay over a longer period.
For example, if you borrow $8,000 over 5 years at a 6.45% fixed rate, monthly payments would be approximately $156 CAD, excluding fees or optional insurance. If you pay the loan earlier using your tax refund or savings, you can avoid a good portion of the interest costs. Thus, it’s a useful tool, but planning repayments is key to maximizing its benefit.
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