Conexus - Home Equity Mortgage

What is it?

You found the home of your dreams, but the flooring is straight out of the ‘70s. Wouldn’t it be handy if you could secure a mortgage that would also cover the cost of updating that shag rug? With our Purchase Plus Improvements Program (PPIP), you can do just that!

This program provides members with the money needed to both purchase and renovate a home, all rolled into one easy loan.

Who is this for?

The Purchase Plus Improvement Program is ideal for those wishing to buy a residential home and complete renovations or upgrades immediately upon taking possession of the property. It’s available on both Value and Flex Feature Mortgages with terms of six months to five years.

Before applying. To take part in this program, you must have the property listing, an official offer to buy, and a written estimate of costs for any proposed renovations.

Down payments vary. The required down payment amount you need will vary as it’s based on the purchase price of the home plus the cost of the proposed improvements.

Payment process. Getting the money for your home improvements works differently based on the mortgage product you pick. You may get the money all at once or in a few installments, depending on mortgage type. The recommended time to finish your improvements also varies by mortgage type.

✔ Right for you if you:

Have a renovation vision. If you’ve found a house that you like but it needs some love, our Purchase Plus Improvement Program can help cover the cost of renovations and increase the value of your home.
Can’t afford a brand-new home. Not everyone is in the financial position to buy a brand-new home. Our Purchase Plus Improvement Program provides homebuyers with a more affordable route to owning a newly upgraded home.
Prefer consolidated payments. Since the program rolls your mortgage costs and renovation costs into the same loan, repayment will be simplified through one payment.

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May not be right for you if you:

Don’t have immediate renovation plans. Since renovations must be finished within a set amount of time after receiving the loan, this program may not be ideal for people who don’t have plans to renovate, or who aren’t able to have the work completed within the required timeframe. Our Home Renovation Mortgage may be a better fit for you in this scenario.
Are not a Canadian citizen. Our Purchase Plus Improvement Program is only available to individuals who are Canadian citizens or permanent residents of Canada.
Plan to buy a brand-new home. Since the Purchase Plus Improvement Program was specifically designed to provide funding for renovations, this option is not ideal for those who plan to buy or build a brand-new home that doesn’t require updates. If looking to build a home, our Construction Mortgage may be a better fit for you.

Home Renovation

Why choose a Purchase Plus Improvements Program?

What you need to know

Is this right for you?

Have questions? That’s what we’re here for!