New graduates in Saskatchewan are getting help buying a home.
The new initiative allows eligible post-secondary graduates to borrow up to $10,000 of their unused Graduate Retention Program (GRP) tax credits to put toward the down payment on their first home. The loan is repaid using the GRP tax credits the grad would receive annually as part of their income tax filing.
It was one of the promises from the government’s election campaign.
“Our government is committed to ensuring young people have the opportunity to build a career in our province,” Advanced Education Minister Scott Moe said. “The Graduate Retention Program has benefited tens of thousands of graduates and now the First Home Program allows them to achieve another milestone with home ownership.”
Under the GRP, recent graduates are eligible for rebates up to $20,000 of tuition fees if they live in Saskatchewan for seven years following graduation.
The application can be found online.