Please note our branches will be closed on Saturday, September 30 and Monday, October 2, in observance of National Truth & Reconciliation Day.
Our Contact Centre will be open to serve our members on Saturday September 30 and on Monday, October 2, from 9:30am to 4:00pm ET. Online banking and ATMs are available for your convenience.
Considering buying a home with friends or family?
Applying for an Alterna Multi-Ownership Mortgage is as easy as applying for any Alterna home mortgage. Plus, you can take advantage of all the same mortgage product features and promotional offers.
Home ownership runs in the family
Don’t believe us? Introducing the Alterna Multi-Ownership Mortgage, a mortgage that allows families to come together and support one another so they can achieve their dream of owning a home. Rising housing costs have priced many homebuyers out of the market and made it increasingly difficult to obtain a mortgage. Our Multi-Ownership Mortgage makes it easier to pool your resources to help someone to buy a home or purchase one yourself. Plus, it requires only a 5% down payment, so your dream home may not be as far away as you think.
Benefits of a Multi-Ownership Mortgage
- Afford to buy into the housing market
- Pool your money with up to three other people
- Fair and competitive rates
- A flexible payment schedule
- Higher potential savings with generous prepayment options
- Expert mortgage advice to help you find the best fit
Learn more about Multi-Ownership Mortgages
Frequently asked questions
The home buying process is intimidating enough, so why go it alone? Our Multi-Ownership mortgage allows members to pool resources to meet the standard credit granting criteria. Our Multi-Ownership mortgage offers the all the features available on our mortgage products. The application process follows the same steps as our conventional mortgages.
The Multi-Ownership mortgage can be great for a wide variety of situations. It works well for parents who wish to help their adult child purchase a home or who wish to jointly purchase a home for an adult child pursuing a postsecondary education. It’s also a good option for someone who wants to help buy a home for their elderly parents, or for family members who wish to pool their money and live together within a single family home. Plus, it’s a great solution for roommates or young working professionals looking to get a foothold into the housing market.
Sometimes it’s easier to just provide a non-repayable cash gift to help someone purchase a home. For a transfer to be considered a cash gift, you must provide a letter addressed to the person outlining the total amount gifted and specifically state that the money is non-repayable. The mortgage applicant must then share this document with the banking advisor at Alterna Savings during their mortgage application.
While it’s only natural to want to help a friend or family member, it’s important to protect your own financial wellbeing.
Before you begin, here are a few things you should know:
- Withdrawing money from your RRSP may place your retirement at risk and there are tax consequences.
- As a co-borrower on the mortgage, you are equally liable for the debt. This also applies if you are a co-signors or guarantor.
- If you leverage the equity in your home and find it difficult to repay the loan, you could risk losing your home.
- Providing support financially, or as a co-signer or guarantor, can get complicated if the person you are helping ends up going through a divorce.
- There are other home ownership costs in addition to the mortgage payment, such as property taxes and maintenance. You need to consider whether you will need to provide support for those costs as well.
- This program does not include the purchase of non-owner-occupied investment properties.
Keep in mind that life can be unpredictable. It’s a good idea to take out mortgage insurance and life insurance to ensure that you are protected in case of an accident or critical illness.
A checklist to follow
- Confirm who your co-borrower is going to be.
- Select the best mortgage product for your needs.
- Consult a lawyer.
- Take a deep breath. You've got this. Plus, we're here to help every step of the way.
Our current mortgage rates
5-yr fixed closed – high ratio
5-year variable closed – high ratio
*rates subject to change
How to choose the best mortgage option
Consider these 8 things to help you pick a mortgage that's right for you.
What is a 'mortgage stress test'?
Find out if you'll be able to afford your mortgage if interest rates rise.
Your mortgage renewal checklist
Use this checklist to review all your options when your mortgage is up for renewal.
You may also need...
Mortgage Default Insurance
Is your down payment less than 20%? You need mortgage default insurance.
Secured Line of Credit
Get access to funds at a lower interest rate, backed by security like the equity in your home.
Find a smarter way to make your money work for you. Alterna has a banking package to suit your every need.
We have a credit card to fit your lifestyle. Whether you’re looking for valuable reward points, unique partner benefits or simply lower fees, you can choose the card that's right for you.
Alterna Wealth can help manage your investments so you can build, strengthen and preserve your wealth.
Protect your loved ones and gain peace of mind. Our payment protection† ensures your financial obligations will be met if you experience disability, critical illness or job loss, or in the event of your death.
Creditor insurance is available for the following products in the event of death, disability, and critical illness:
- Personal loans
- Lines of Credit
Furthermore, creditor insurance is also available for the following products in the event of job loss:
How can we help?
†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
Your financial well-being comes first
Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.