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You are here: Home > Personal > Goals and life events > Owning your home > Buying a home > Buying yours first home > Get an overview of your finances

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Buying your first home

Get an overview of your finances

Desjardins is more than just a mortgage lender and can help you with your financial needs throughout your life.

There are many things to consider when planning your finances: budget management, protecting your assets, expanding your family, special projects.

Plan ahead! Assess your financial needs as well as your imminent and future projects. Here are some elements to consider and the products that would help.

Do you have questions about budgeting, finances or saving money? Talk to a financial advisor at your caisse who will help you find the best solutions for your situation.

Do you have several loans (credit card, personal loan, line of credit or mortgage)? Do you want to manage them better, pay them back more quickly and pay less interest?

There is a way. You can use your net worth as leverage for financing and save on interest.

You can use a Versatile Line of Credit , a home equity line of credit, and the Loan Portfolio Management Program to combine your mortgage, personal loans and lines of credit. This will help you save money and get a lower interest rate because your financing will be guaranteed by your property. It's a winning solution.

You can use the money you save on interest to cover unexpected expenses, contribute to your RRSP or pay back your Home Buyer's Plan (HBP).

Your transactions multiply along with your financial responsibilities. Make your life easier and use AccèsD Internet!

On AccèsD, you can:

  • check your Desjardins or Desjardins credit card account balances and transactions
  • pay your regular bills (electricity, cable, phone, credit card) or your occasional bills (municipal and school taxes, driver's license, registration, income taxes) for more than 5,000 eligible organizations and companies
  • make money transfers
  • get your online statements

Learn more - Online - Features

Several of these transactions are available on Desjardins mobiles services.

For a special project or unexpected expenses

Saving money is important, whether you want to carry out some plans or cover unexpected expenses, but it isn't always easy.

With a little perseverance and the right tools, you'll save enough money for a rainy day without compromising your budget.

For easy savings, try:

  • Regular Deposit Term Savings
  • Tax-Free Savings Account (TFSA)

Regular Deposit Term Savings

  • A great way to save for a project or spread your RRSP contributions over the whole year:
    • Regular, fixed deposits into a term savings account (1 to 5 ans) for a pre-determined period of time
    • $1,200 minimum annual contribution for a 1-year term and $3,000 minimum for other terms

Learn more - Regular Income Term Savings

Tax Free Savings Account (TFSA)

  • Ideal to save money, including investment income, in a tax shelter
  • Great way to save for special projects or unexpected expenses:
    • Maximum annual contribution of $5,000
    • Unused contribution room is cumulative and carries over year-to-year
    • WIthdrawals from your TFSA can be carried forwarded as unused contribution room the following year. For example, if you withdraw $5,000 from your TFSA, you can contribute $10,000 the following year. That is, $5,000 of carried-over contribution room and $5,000 of new contribution room.

Learn more - Tax-free savings account (TFSA)

Plan your retirement

It's never too early to plan for retirement. Throughout your active years, you'll plan and complete various projects that are important to you. Saving for retirement is also an important project, especially since you'll probably live longer than your parents!

The savings strategy you use today will determine your quality of life when you retire. With a good action plan, you'll have peace of mind.

See Saving for your retirement for information that will help you with your plan.

Your Desjardins advisor will set up a customized financial plan with you to help you meet your needs at every stage of your life: working years, parenthood, a big project when you first retire, protection in case of illness or other events or estate planning.

Plan for your children's post-secondary education

If you have children or are planning to have children, you certainly want to give them the best chance at success in life.

One way to do it is to set money aside for their post-secondary education in a tax sheltered registered education savings plan (RESP). One of the advantages is that your RESP contributions may also entitle you to:

  • the Canada Education Savings Grant
  • the Canada Learning Bond
  • the Québec education savings incentive

Learn more - Registered education savings plan (RESP)

Contact your Desjardins advisor.

Buying a home is a new financial obligation that directly affects your insurance needs.

Cover your financial obligations

Get Loan Insurance or Loan Insurance - Versatile Line of Credit to cover your loans in case of the unexpected , death or disability.

This insurance protects your ability to pay your loans or home equity lines of credit in the event of death or disability. Protection includes the:

  • payment of the insured portions of the loans in the event of the insured's death
  • payment of the insured regular instalments payable to the caisse while the borrower is totally disabled

Review your insurance needs

Insuring your loan is an excellent decision but did you know that you should review all of your insurance needs when a major life event occurs (e.g., buying a home, birth of a child)?

You want to maintain your family's lifestyle. In the event of disability, critical illness or death of a spouse, your income would go down.

You advisor at Desjardins Financial Security, Life Assurance Company has customized advice and solutions for you and will:

  • analyse your coverage needs
  • suggest a customized solution from the numerous life, health and disability coverages from the Vision range of products

Learn more - Health and disability insurance

Your property, including your car, are very valuable. Protect them.

Desjardins home insurance, all-risk coverage, covers most basic accidents.

Main risks covered by Desjardins home insurance

  • fire
  • theft
  • vandalism
  • wind damage
  • some water damage
  • a vehicle hitting your house

Learn more - Home insurance

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