Payment Deferral Programs

For members who have been negatively impacted by COVID-19, know that we are here for you, and ready to work with you during this time. Members can apply for payment deferrals under our COVID-19 Payment Deferral Program.

Payment Deferral Options for Members

Residential Mortgages Expand/Collapse

With a mortgage deferral, you are able to defer your principal and interest payment, or only your interest payment for up to 6 months.

When you defer your mortgage payment, you are deferring the payment to a later date which will increase your amortization period. The interest that would have been paid on each payment period deferred is added back into the outstanding balance of the mortgage at the end of the deferral period.

It is important to understand payment deferral is not payment forgiveness.

Should your situation change, members are able to come in and pay off the increased balance attributed to the deferred interest payments without penalty.

 height= Note: Deferring a payment is only applicable to the principal and interest payments owed to 1st Choice. Things like property taxes, utilities etc., are not included.

To apply for a Mortgage Deferral, contact your branch or email info@1stchoicesavings.ca

Personal Loans and Lines of Credit Expand/Collapse

With a loan or Line of Credit deferral, you are able to:

1) defer your loan payment (comprised of principal and interest payments) for up to 3 months.

- or -

2) defer your principal payment for up to 6 months. During this time, you would still make interest payments.

With both options, you are deferring the payment to a later date. At the end of the deferral period, the number of payments missed will be added to the length of the loan.

It is important to understand payment deferral is not payment forgiveness.


 height= Note:  
The interest that would have been paid on each payment period deferred is added back into the outstanding balance of at the end of the deferral period.  

To apply for a Deferral, contact your branch or email info@1stchoicesavings.ca

Home Equity Lines of Credit Expand/Collapse

Payment deferral for HELOCs may be granted for interest payments up to six months.


 height= Note:  The interest that would have been paid on each payment deferred is added back into the outstanding balance at the end of the deferral period. 

It is important to understand payment deferral is not payment forgiveness.

Commercial / Agriculture Expand/Collapse

For our commercial, small business and agricultural members, please contact your account manager for more information or call 403.380.1932.

Credit Cards Expand/Collapse

Our credit card provider, Collabria, also has financial supports in place to help members at this time. For more information, please visit their website.

Other Information

We are here for our members during this difficult time.  If there is something else financially that we can help you with, please contact us. We can still help our members with (including, but not limited to): 


 height=  Financial planning
 height=  Consolidating multiple debts
 height=  Setting up online banking
 height=  Other financial questions or concerns.

Contact your branch to get started or email info@1stchoicesavings.ca

 

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