What is a Self-Builder Mortgage?
If you’re the build-it-yourself type and want to build your home, our Self-Builder Mortgage was specifically built for you! This flexible option gives you the opportunity to finance the construction of your own home at various stages of the build process.
This mortgage option is best if you already own land and are interested in building or project managing your own home construction. Since this mortgage option requires a minimum of 35% down, it’s essential that you’ve got enough saved (or have built enough equity in your current home to use as a down payment on your new home).
Why choose a Self-Builder Mortgage?
Flexible financing
Choose financing options designed for building your own home, including flexible rate options during construction.
Cost efficiency
Take control of your budget and make choices that can help manage costs throughout your build.
Funds when you need them
Access funds in stages throughout the construction process as your project progresses.
Key requirements.
Here’s what you need to know before applying for a Self-Builder Mortgage at Conexus
Requirement | Detail |
|---|---|
Who it's for | Members building their own home or acting as general contractor. |
Minimum down payment | 35% of expected appraised value on completion. |
Land ownership required | Yes — must hold title to the land. |
Build plans required | Yes — copy of plans and specifications must be provided. |
Rate during construction | Floating (prime + 3.00%) or fixed closed (min 3-year term). |
Construction start | Within 45 days of first disbursement. |
Completion timeline | Within 9 months of first disbursement. |
Eligible properties | Single-family detached and semi-detached (owner and non-owner occupied). |
Lock in your rate before you buy.
Planning to buy a home soon? Our 120-day rate guarantee* gives you confidence knowing your mortgage rate is protected while you search for your new home.
Is this mortgage right for you?
Right for you if you:
- Have funds available. Since the Self-Builder Mortgage requires a greater investment up front (minimum of 35% down), having the necessary funds available is essential.
- Currently own land. This mortgage option is ideal for those who already own land and know exactly where they plan to build their dream home.
- Are ready to build your own home. Designed specifically for those with a passion for construction and a desire to actively manage the building process. A Self-Builder Mortgage allows you to oversee the construction and make decisions at each stage of the process.
May not be right for you if you:
- Don’t have cash flow. Compared to other mortgage options, the Self-Builder Mortgage requires a greater investment up front (35% minimum).
- Don’t own land. Since proof of land title is one of the requirements of qualifying for a Self-Builder Mortgage, those who don’t own land are ineligible.
- Can’t meet the timelines. With a nine-month timeline for completion of construction, this mortgage option isn’t ideal for the slow and steady types.
Tools to help you self-build.
Common questions.
Here’s what people ask us the most.
-
A Construction Mortgage is designed for members building a new home with the help of a professional builder or contractor. A Self-Builder Mortgage is for members who plan to manage their own home build or act as their own contractor. Both provide phased funding throughout construction, but the financing options and requirements differ. A Mobile Mortgage Specialist or Financial Advisor can help you determine which option is right for your project.
-
Funds are released in stages throughout the construction process, helping ensure you have access to financing when you need it as your build progresses.
-
During the construction period, you can choose between a floating rate at prime + 3.00% or a fixed, closed rate with a minimum term of three years.*
-
If you’re building a new home, you may be eligible for rebates that can help reduce some of the taxes paid during the construction process. The federal GST/HST New Housing Rebate may allow you to recover a portion of the GST (or federal portion of HST) paid on a new home used as your primary residence. In Saskatchewan, the Provincial Sales Tax (PST) New Housing Rebate may provide a rebate on eligible PST paid for a newly constructed, previously unoccupied home. Eligibility requirements apply for both programs.
-
If your project experiences delays or changes, connect with your Mobile Mortgage Specialist as soon as possible to discuss your options and next steps.
Let's connect.
Our Mobile Mortgage Specialists are here to walk you through your options — at home, at the office or virtually. Book a time that works for you and let’s find your ideal mortgage.
