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


(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

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


Updated: April 15, 2020

What is a mortgage payment deferral?

A mortgage payment deferral is an agreement to temporarily pause your mortgage payments. Members experiencing financial difficulty during this unprecedented time may find it necessary to defer their mortgage payments to provide short term financial relief.

It is important to keep in mid that a deferral of payments does come with a cost, as the interest that is accrued during the deferral period is added to your mortgage at the end of the deferral period, whether that be 1, 3 or 6 months.

How can mortgage payment deferrals help?

During the COVID-19 crisis it may be necessary for members to defer their mortgage payments due to changes in their income levels. Deferring mortgage payments will provide cash flow relief during this period of income disruption.

If I can make my mortgage payment, should I? 

If you're able to make your payments, you should. Interest continues to accumulate during the deferral period. This unpaid interest will be added to the principal balance of your mortgage at the end of the deferral period. If it is possible sticking to your payment schedule within your set amortization period will help you stay on track to reach your long term financial goals. 

Are there qualifications needed to apply?

No, because we want our members to get the assistance they need quickly, we've waived qualifications.  

That said, just because you can get a mortgage deferral, doesn't always mean you should. Each situation is unique – which is why it's important for you to speak with your financial advisor before going ahead. 

Does this hurt my credit rating?

No. By taking action through this program before you miss payments, you protect your credit rating while reducing financial stress.

What are the costs involved in deferring mortgage payments?

See the Payment Relief Program tab for an explanation and example. 

Is there a fee to defer my mortgage?

Generally yes, however, given the current circumstances SASCU is temporary waiving this fee for members.

Are there options for help while minimizing the impact long term?

Yes. Every situation is different and at SASCU, we work to customize each solution to best meet short term needs and long term goals. For example, moving to an interest-only payment plan will reduce the long term cost of the relief measures.

When do I call? After I have missed a payment?

No, if at any point in this crisis, you think you won’t be able to make your regular mortgage payment, act quickly to contact us. You can always resume payments faster if your income interruption is shorter than expected or doesn’t even transpire.

What is SASCU doing to help businesses?

At SASCU, we realise the importance of local businesses in our areas. That’s why the mortgage deferral offer extends to our business members as well. Plus, we're offering unsecured Lines of Credit to meet cashflow demands. Conditions apply. Talk to your SASCU advisor to best understand the options that will most benefit you.

I hear that the government is giving up to $40,000 in interest free loans.  Can I get that loan through SASCU?  How do I apply?

Yes, SASCU will be participating in this government loan program, the new Canada Emergency Business Account: 

The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.

To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.

As announced, this program will be available starting in mid April and we are committed to taking applications and providing relief as announced. SASCU is awaiting details from the government on how to implement the program. Learn more.