Bank of Nova Scotia today introduced 100% first mortgage financing, designed to help potential homebuyers purchase their home sooner.

The Scotia 100% Mortgage Program offers residential homebuyers 100% loan-to-value financing on any Scotiabank mortgage product. All 100% mortgages are insured through Genworth Financial Canada.

“As a market leader in lending solutions, we’re pleased to be the first financial institution to offer this program, which builds on our existing suite of flexible home financing products,” said Charles Lambert, managing director, mortgages, Scotiabank, in a news release. “The 100% Mortgage Program represents the evolution of the Scotia Free Down Payment Mortgage, another Scotiabank industry first, and is part of our continuing commitment to help homebuyers realize the dream of homeownership.”

The 100% Mortgage Program provides eligible homebuyers who have the ability to repay their loans, but have not yet saved the standard 5% minimum down payment, with the opportunity to purchase a home now, while taking advantage of competitively priced mortgage products and terms. Combined with Scotiabank’s flexible repayment options designed to help customers to payoff their mortgage sooner, the 100% Mortgage Program is an ideal option for first-time homebuyers.

“We are committed to working closely with qualified customers to ensure they can effectively manage their payments and costs under this program,” added Lambert.

“Genworth Financial Canada continues to pioneer unique mortgage insurance products that provide a wide range of loan options for Canadians,” said Peter Vukanovich, president, Genworth Financial Canada. “This new mortgage offering from Scotiabank, in conjunction with Genworth Mortgage Insurance, will provide homebuyers with greater purchasing flexibility and assist Canadians in achieving homeownership faster and building equity sooner.”