First-Time Home Buyer Incentives in New Brunswick 2024
This Page's Content Was Last Updated: April 2, 2024
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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.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.