Jan. 11 brief news: payday loans, first-time home buyers

New, lower charges for payday loans came into effect Jan. 1, applications open now for first-time home buyers' down payment help

Less charge in short loans

New, lower charges for high-cost, short-term cash loans – payday loans – came into effect Jan. 1.

The maximum allowable charge – including all fees – for a payday loan in British Columbia is $17 for every $100 borrowed, making it the second-lowest rate in Canada.

Lowering the total allowable charge to $17 from $23 builds on regulations the Province implemented in 2009.


First-time homebuyers get help now

First-time homebuyers can begin to get down payment help from the new B.C. Home Owner Mortgage and Equity Partnership program on Jan. 16.

Applications will be accepted for purchases that will close on or after Feb. 15.

Before applying online, first-time homebuyers need to:

* Get pre-approval for an insured first mortgage from a financial lending institution.

* Apply to BC Housing for the B.C. HOME Partnership program loan. If eligible, the buyer will receive confirmation of eligibility and homebuyer’s kit, with information for the lender, real estate licensee, and lawyer/notary public.

* Obtain an accepted offer on a home priced under $750,000 and provide details of the planned purchase to BC Housing for approval.

In order to submit an online application, homebuyers will need to have proof of status in Canada and residency in British Columbia, secondary identification (must include photo), proof of income and tax filings and insured first mortgage pre-approval.

More information on https://news.gov.bc.ca/files/Housing_Campaign_HOME.pdf


Just Posted

MOU between UNBC and Nechako Lakes School District#91

Celebration of ongoing educational partnership and programming collaboration

VIDEO: Researchers rely on drones to survey aftermath of B.C. wildfires

UBC researchers are using aerial drones to study the historic 2017 wildfires in the province

Peaceful protest ‘Drumming out drugs’

Welfare day message outside banks to drug dealers and addicts

Mayors meet with B.C. Premier

Roundtable with John Horgan to discuss northern issues

Site C dam goes ahead, cost estimate now up to $10.7 billion

Premier John Horgan says Christy Clark left him no other choice

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Family suspends search for missing Alberta couple, plane near Revelstoke

Due to bad weather, families of missing Albertan couple say they will resume in the spring

Canadian grocers make $3M per year from penny-rounding: UBC study

Ottawa announced plans in 2012 to phase out the copper coin

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

B.C. anti-hate campaigner finds Google search on his efforts redirects to porn

Text from online news article about Cran Campbell being used to link to suspect websites

‘The Last Jedi’ opens with $220M, 2nd best weekend all-time

As anticipated, the movie fell shy of the opening weekend for J.J. Abrams’ 2015 franchise reboot

2 couples tie the knot in Australia’s 1st same-sex weddings

West Australian couple Anne Sedgwick, Lyn Hawkins have been together for 40 years

B.C. concert promoter bans Nazi symbols at shows

A man was witnessed making a Nazi salute during a heavy metal show at Pub 340

Most Read