Saving for your first home the smart way
What We Covered
Smart Down Payment Planning Using Whole Life Insurance
Roman Pushkar explains how traditional saving methods fall short and how policyholders can instead build a family banking system that funds down payments while growing wealth. He also highlights recent Canadian mortgage changes like extended amortization and lower down payments that make homeownership more accessible when paired with smart use of policy cash values.
Why Clients Use This Strategy
- Redirects money from traditional banks into a controlled, growing environment
- Turns your cash value into a source for mortgage down payments
- Builds long-term wealth even while you’re paying off your home
- Promotes flexibility and guarantees during major financial decisions
Government Changes Affecting First-Time Buyers
Starts at 10 mins
- A 30-year amortization period introduced for new mortgages
→ Lowers monthly payments, improving affordability - Reduced minimum down payments (as low as 5% for homes under $500K)
→ Makes qualifying for a mortgage easier, especially for younger buyers
Traditional Saving vs. Policy-Based Saving
Starts at ~12:28 min
- Most people stash money in bank accounts for 5+ years earning minimal interest
- Roman suggests instead: build or scale a policy to meet your future cash needs
Example:
- Saving for a $500K home in 5 years = $100K down payment (20%)
- If your premium is $5K/year, that alone won’t build $100K in 5 years
Tip: Start additional policies now to scale your cash value availability
Important Practice Tip
Start early, and think in systems.
Your down payment strategy isn’t just about one policy — it’s about building a family banking system that grows with your needs.