Payment Relief Program

Payment Relief Program

SASCU’s priority is the physical and financial well being of its staff and members during this unprecedented period. To help ease the stress, we have put in place measures for personal and business members who are experiencing financial hardship due to the COVID-19 outbreak. If this applies to you, talk to us about one of these options:

1.  Mortgage Payment Deferral


Members may defer up to six months of mortgage payments. Contact us by phone (250.832.8011) to discuss your deferral options and implement without having to come into a branch.

If you defer and decide to resume payments earlier than the agreed upon date, just contact us and we will reinstate your payments. At your next mortgage renewal, payments will be reviewed and adjusted as usual.

Depending on your situation, variations of this relief offer may be a better fit and make better financial sense for you over the long term. For example, opting for an interest-only payment plan.  Talk to us so together we can determine the right approach for you.

What are the impacts of deferring payments?

Deferring payments provides piece of mind that you don't have to make payments while your income is negatively impacted. Your credit remains intact and you can concentrate on the well being of yourself and your family.

At SASCU, we look out for your both your short and long term financial goals. That is why it is important you understand the cost of deferring payments. Although SASCU does not charge a fee for deferral, interest continues to accrue, resulting in more interest being paid over the life of the mortgage.


Example: Costs of a 6-Month Mortgage Deferral

Before Deferral Period After Deferral Period
Mortgage Balance $300,000

$304,875

(includes $4,875 in accrued interest)
Payment Amount $1,701/month $1,729/month
Remaining Amortization 20 years 20 years
Total in Remaining Payments $408,240 $414,960
Approximate Cost of Deferral over Life of the Mortgage $6,720

This assumes:

  • interest rate set at 3.25%

  • the payments increase at the end of the deferral period

  • the remaining amortization does not change (e.g., if 240 payments remained before the deferal began, you still have 240 payments remaining).

If the payments are not increased at the end of the deferral period (or if the remaining amortization is increased), these costs of deferral will be higher.

SASCU works with each member for the Payment Relief options that work best for them. Talk to your SASCU representative today.


2.  Lines of Credit (Secured)

Need assistance with making the required payments for your existing Primeline Mortgage Secured Line of Credit? Do not wait until you are in distress. Contact us now as we may have a relief option right for you.


3.  Lines of Credit (Unsecured)

As part of our relief program, SASCU will support impacted Personal and Business members with unsecured Lines of Credit to meet cashflow demands. Conditions do apply.

The Payment Relief Program is being carried out without requiring members to come in branch. To get started, get in touch with our Contact Centre at 250.832.8011 or via email at sascu.com/Message.

Read SASCU's latest statement on our Payment Relief Program here

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