Hi all,

I've read that new immigrants have to pay a 35% deposit on a property. Does anyone know how long this applies? We're coming over as PR (Skilled Workers).

Thanks,

Jibba

Hello Jibba, we are currently looking at mortgage options for Alberta and have found that you don't have to put down 35%. Obviously there are pro's if you do but if you search for independant mortgage advisors you will be able to get some advice by email. hope this helps

I think stuff like this is arbitrarily set by the lender. Shop around!

(EDIT: i think a lot of these things depend upon your SIN number. If you are going to be a P.R., you'll have a proper SIN number (not one that starts with 9), and thus less hassle. I paid the standard 5% down on mine.)

It is USUAL for new immigrants to put down 35% BUT it depends on the lending institution.
We CHOOSE to put 35% down. We could have got away with 25% but the interest rate would have been Higher (dont EVER accept a banks published lending rate).

Hi Jibba,
Can't comment on anyone else, but we got the 35% shock when we went to buy our house.
Went to an independant mortgage advisor first off and she said that it'd be near enough impossible to get 10% down. She said that even though I have a job, UK history and all the info they needed that I have to remember that I've just stepped off a plane blah blah yeah yeah. She said that if even if she could get us one, the charges etc would be pretty horrendous. I guess it can be compared to the loan people in UK who loan you money even if you're a convicted killer but charge you a whopping interest rate. Went direct to the bank in the end and had exactly the same response.
If you're still in the UK and you've got time it would be worth your while shopping around.
Glad we did do 35% though as even though it was an unforseen struggle at the time, we got a good interest rate and of course more equity meens less monthly payments.
Our UK house sale 'should' go through in the next couple of weeks though, then we can relax a bit more
Good luck

Forget all that 35% rubbish. We're here on a 3 yr work permit and have just bought a house with an 85% mortgage. We were pre-approved for 90% and could have had 95% if we really needed it.

What you really need to do is click this link:

http://www.genworth.ca/mi/eng/produc...da_insrnce.asp

Now ain't that something?

We also managed to get a 2005 car on a 3 yr lease deal within a fortnight of arriving in Canada, and we're not even PR. It can be done. Less of the doom and gloom people!!

Excellent web link, cheers, a little hard to read but positive none the less.

Apart from Bleech nobody who replied said they had to do the 35% so WTF is this doom and gloom comment???
Even Bleech said he was now glad he put the 35%.

My question to you is what interest rate did you get?


BTW we were in Canada one day and got offered a full choice of finance on a wide range of NEW vehicles. So put that in your furnace.

We went yesterday and was told that we didn't need to put 35% down, we could put as little as 5% deposit .......but.....we would pay a $12000 insurance premium

I think we will wait until house sell in UK the put the 35 % down.

Linda P

5.35% for 5 yrs amortized over 25 yrs

And as for the "doom and gloom" retort - lighten up will ya I was trying show a more positive aspect to what could be achieved over here not trying to get anyones back up! Try decaffeinated There's a big difference between USUALLY 35%, MIGHT get 25% if you're lucky and what Genworth are offering - it might just brighten someones day.

Oh, I NEVER by a new vehicle, I let some other mug take the hit on the new car and buy it for much less a year later

You seem to have forgotten the "Na-Na-Na-Na-Na" on your last post.

Musta missed the implied irony etc in my WTF

Cant do with decaf whats the point in coffee if you dont a buzz from it!!!
Its like alcohol free beer WTF is that about.

Linda who told you that!!!!!

The premium is a % of the amount borrowed and depends on the LTV amount. 5% down is a 2.75% premium so if you're looking for a 95% mortgage of $440,000 then yes you would have to pay $120000ish. You can add it to the mortgage if you want then pay it off later when you've had chance to settle down and save up some cash.

I once spent a poker night drinking Becks alcohol free beer (driving unfortunately).

It gave me a terrific headache and a bad stomach the next day. I've felt better after a night on Lakeport Honey and that's saying something.

Squibbler, that's the first time I've been called a Doom and Gloom monger, thanks for that, made me smile
Just telling my story as it was, glad you've found a link to a low deposit though, that'll help a lot of people out, nice one