Case Study · Residential / Prime

Two New Jobs and 10% Down: A Major Bank's Insured Mortgage Bought a First Home in Victoria at 90%

A married couple were buying their first home: a three-bedroom detached house in Victoria on a large lot, priced at about $840,000, chosen for its basement potential and closeness to the water.

Closed in 2025 · Published October 18, 2026

Residential
Prime lender
Insured
Purchase
First-time buyer
Victoria

Purchase price: about $840,000
Insured mortgage: about $750,000 plus the premium
Loan-to-value: 90%
Down payment: 10%, about $84,000
Rate in 2025: 4.20%, five-year adjustable

The Situation

A married couple were buying their first home: a three-bedroom detached house in Victoria on a large lot, priced at about $840,000, chosen for its basement potential and closeness to the water.

The Challenge

Both jobs were new, one since January 2025 after 2.5 years in the same paramedic role elsewhere, the other since October 2024, and one credit file was thin. The 10% down payment, about $84,000, was coming from savings of about $82,000 and counting.

The Solution

In 2025 we placed an insured mortgage of about $750,000 plus the premium with a major Canadian bank, 90% of the price, on a five-year adjustable term at 4.20% with a 30-year amortization. The bank counted both salaries, about $99,000 and about $60,000, and scores of 760 and 729 carried ratios of about 38% and 39%.

The Outcome

The couple own their first home, with room to grow and space to raise children one day.

Run the numbers

Mortgage Insurance Calculator

This first home was an insured purchase with 10% down. See the insurance premium on your own price and down payment.

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Step 1 · Your purchase

Insurance program

Borrowed down payment (Flex 95) — borrowing your 5% down payment from a line of credit or loan is allowed with strong credit. It raises the 5%-down premium from 4.00% to 4.50% (the loan payment counts in your debt ratios). Only affects purchases with less than 10% down.

Purchase price

Buying new construction? Enter the price including the 5% GST — insurers calculate the premium on the GST-inclusive price. Insured mortgages cap at $1,499,999 (20% down required at $1.5M+).

Down payment

10% = $90,000

Amortization

Province

PST on the insurance premium is paid at closing in ON (8%), QC (9%) and SK (6%). Other provinces: none.

Insurance premium

$25,110

3.10% of $810,000 loan @ 90.0% LTV

Breakdown

Purchase price$900,000

Down payment$90,000 · 10.0%

Loan before insurance$810,000

Insurance premium (3.10%)$25,110

Total insured mortgage$835,110

Premium can be added to (financed in) the mortgage. PST on the premium, where applicable, is paid in cash at closing.

Premium curve · 8% → 25% down

Watch how the insurance premium drops as you raise your down payment — it hits $0 once you reach 20% (no insurance needed). The curve starts at this home's federal minimum down payment. The marker shows where you are right now.

What this calculator does that most don't

Charges the provincial sales tax on the premium where it applies (ON 8%, QC 9%, SK 6% — Manitoba removed its in 2020) — due in cash at closing, which most calculators quietly omit
Standard insured AND Sagen Insured Stated Income (self-employed) in one tool — switch the program to see the higher stated-income premium
Knows the December 2024 rules: max insured price $1,499,999 (high-ratio, under 20% down — not to be confused with the $999,999 insurable cap) and the first-time-buyer OR new-build gate on 30-year insured amortization, with the 0.20% surcharge applied

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Questions and answers

Questions about this file

Can you get a mortgage with two new jobs?+

This couple did, with a major Canadian bank. In this 2025 file one spouse had started in January 2025, after 2.5 years in the same paramedic role elsewhere, the other in October 2024, and the bank counted both salaries, about $99,000 and about $60,000.

Can you buy a first home with a thin credit file?+

In this 2025 file, yes: one credit file was thin, and scores of 760 and 729 carried ratios of about 38% and 39% for the bank's insured mortgage.

Can you buy a first home with 10% down?+

Yes, with an insured mortgage. In this 2025 file the couple put 10% down, about $84,000, on a Victoria house priced at about $840,000, and the bank placed about $750,000 plus the premium, 90% of the price.

Can the down payment still be growing when you apply?+

It was here. In this 2025 file the 10% down payment, about $84,000, was coming from savings of about $82,000 and counting.

What were the terms?+

About $750,000 plus the premium, 90% of the price, on a five-year adjustable term at 4.20% in 2025, with a 30-year amortization.

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