FHSA loans
Saving up for your first home? This loan lets you borrow funds to maximize your FHSA contributions. You could save on taxes while earning additional investment income.[ 1 ] note
Why take out an FHSA loan?
If you don't have enough cash to max out your FHSA contributions, you can use this loan to borrow what you need. Just like with RRSPs, contributing the annual limit will help maximize your tax refund, which you can use to pay back your loan.
Advantages of FHSA loans
Features of FHSA loans
Interest rate
Fixed rate
Amount available
- Borrow up to $8,000 the first year
- Contribute up to $16,000 per year after the second year
Repayment
- Payment schedule: weekly, every 2 weeks, or monthly
- Payment deferral available for up to 6 months[ 2 ] note
- Prepayment possible at any time, in part or in full, without being charged extra fees
- Use your tax return to repay your loan
Loan term
Up to 10 years, depending on the amount
Annual interest rates
Current rates on March 26, 2025
| Term | Interest rate |
|---|---|
| 1 year | 6.05% |
| 2 years | 6.15% |
| 3 years | 6.25% |
| 4 years | 6.35% |
| 5 years | 6.45% |
| 6 years | 6.65% |
| 7 years | 6.85% |
| 8 years | 7.05% |
| 9 years | 7.25% |
| 10 years | 7.45% |
Apply for an FHSA loan
Documents to bring to your meeting with an advisor:
Proof of income, investment statements, other loan statements, tax bills or leases, last federal notice of assessment
By phone
Monday to Friday: 8:30 AM to 8 PM
Saturday and Sunday: 8:30 AM to 5 PM
Montreal area:
514-253-6473
Elsewhere in Canada:
1-866-647-5013