This factsheet describes Scotiabank’s "Purchase Plus Improvements" program, which lets qualified homebuyers add cosmetic improvements to a newly purchased property and use the as-improved value to determine maximum loan amount. It lists eligible property types, insurer-specific limits on improvement value, applicable LTV ratios, appraisal and documentation requirements, timing (improvements within 120 days) and other operational details (max two advances, amortization up to 30 years, payment frequency options).
Questions this document answers
Within 120 days of taking possession.
Maximum 2 advances (including property purchase), to be completed within 120 days of the first advance.
Uninsured: improvements cannot exceed 20% of the purchase price ('as-is' property value).
Sagen or CG insured: improvements cannot exceed 20% of the 'as-is' property value.
CMHC insured: improvements cannot exceed 10% of the 'as-improved' property lending value.