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  3. Solutions for New Parents

Get your copy of Vision’s Solutions for New Parents guide!

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We don’t see a car loan,
we see a safe place for
a new passenger. 
We see banking differently.

We don’t see a car loan, we see a safe place for
a new passenger. 
We see banking differently.

Whoever said “all you need is love” wasn’t talking about parenting. Love may be free, but many parts of parenting come with a price tag. From car seats to strollers to organized sports to post-secondary school, raising a child can be expensive.
At Vision, we’ve got your back with financing and financial products to help parents through every age and stage.

 

Whoever said “all you need is love” wasn’t talking about parenting. Love may be free, but many parts of parenting come with a price tag. From car seats to strollers to organized sports to post-secondary school, raising a child can be expensive. At Vision, we’ve got your back with financing and financial products to help parents through every age and stage.

 

Solutions for new parents

 

Mortgages: buying a new home

Has your growing family outgrown your home? When you’re buying a new home, the right mortgage can make all the difference. We’ll work with you to arrange financial terms that are convenient and truly affordable, so that your family home helps your family build a comfortable future.

 

As a credit union, we work for you.

That’s why we stretch your mortgage dollar with competitive interest rates and no hidden charges or penalties, so that you can be mortgage-free as quickly as possible. Make an appointment with a Vision mortgage specialist today.

Size up your house-hunting budget and learn what you can save through different payment options.

Your down payment: how much is enough?

In Canada, the minimum down payment needed depends on the cost of the home.
  • for homes up to $500,000, the minimum down payment is 5%
  • for homes that cost more than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
  • for homes that cost $1 million or more, the minimum down payment is 20%

Saving for a down payment.

Before you can buy that nest, you need a nest egg. There are a variety of banking options to make growing your savings a little easier, including:
  • Automated savings service Set up a regular, automated transfer from your daily banking account to a savings account. You’re less likely to miss the money if small amounts are transferred at regular intervals — twice a month, for example — but small deposits add up over time. Automated funds transfer options are available on our chequing and savings accounts. LEARN MORE
  • Tax Free Savings Account (TFSA) A TFSA can be an ideal place to sock away savings for a down payment. Contributions to a TFSA don’t earn an immediate tax break, but any gains you make on your investments are tax free. A TFSA can be used for any savings goal, withdrawals can be made anytime, free of tax, and you can start a TFSA Variable at Vision with as little as $50. LEARN MORE
  • RRSP – The Home Buyer’s Plan If you’re a first-time home buyer, the federal government’s Home Buyer’s Plan lets you borrow funds from your RRSP to put towards your down payment. Through the plan, you and your spouse are eligible to withdraw up to $35,000 from your individual RRSPs, interest free. If you repay this amount to your RRSP within 15 years, your withdrawal isn’t taxable. The repayment period starts the second year after you make your withdrawals. Learn about RRSP investments at Vision. LEARN MORE

Line of credit: renovating your existing home

Need extra space for your growing family? Tap into the equity in your home to cover renovation costs with a Home Equity Line of Credit.

 

A home equity line of credit works just like a regular line of credit, allowing you to draw what you need and pay interest only on the amount you borrow.

Make an appointment with a Vision lending specialist today.

Vehicle loan

No place for your new bundle of joy in the old pick up? Might be time for something a little roomier. Talk with a Vision lending specialist about borrowing options for baby-friendly wheels.

 

We can help with that.

Make an appointment with a Vision lending specialist today.

Compare your loan options.

Registered Education Savings Plans (RESPs)

An RESP is one of the most effective ways to save for a child’s education. Your RESP contributions become tax sheltered earnings and they can help you qualify for up to $7,200 in matching contributions from government grants. The younger the child is when you invest, the more of those grants you can access. An RESP can be used for tuition, books, living expenses and more.

Mutual funds are offered through Credential Asset Management Inc. 

 

Learn more about your options for education savings.

Contact Vision’s experienced team of Credential Asset Management Financial Advisors.
Glen Bulger at 780-672-5540, gbulger@visioncu.ca
Shelley Moch at 780-679-6201, smoch@visioncu.ca
Camille Kalveram at 780-806-6383, camille.kalveram@visioncu.ca
Myla Myshyniuk, 780-806-0403, myla.myshyniuk@visioncu.ca

Grow With Us Account

Sow the seeds of good financial habits with an everyday banking account for kids 18 and under. There are no monthly fees and unlimited, free debits, online and self-service transactions, and credit union ATM withdrawals and deposits.

 

Features:

  • Monthly fee – FREE for members 18 and under
  • Included transactions:
    • Free debits
    • Free online/telephone banking/bill payments
    • Free Interac eTransfers
    • Free Automated Funds Transfer (AFT)
    • Free deposits – credit union ATM
    • Free withdrawals/transfers – credit union ATM
    • Free bill payments – credit union ATM
    • Free imaged statements
  • Tiered interest, calculated daily, paid monthly

Fees:

ATM transactions – non credit union $2.00
ATMs outside Canada
 $4.00
In-branch bill payments
 $1.50
Personalized cheques
 Cost
Statement copy – paper
 Free

Financial blogs and community stories

 

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There was a time when inexpensive roadside motels, cheap fuel and simple, affordable attractions were the mainstay of summer getaways. These days, ground costs seem to have ballooned. Don’t hang up those keys just yet. Affordable family road trips are possible with a little planning, ingenuity and old-school spirit.
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Simple tricks to teach kids to save money

Financial literacy is a learned skill, but it doesn’t have to be complicated to be effective for children. There are straight forward financial literacy techniques to help your kids prepare for their financial future.

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