CJ6680

question, we don´t knw whether to buy outright using a huge chunk of our money or getting a mortgage, how do banks look upon you when your on a work permit waiting for your PR, its manitoba we are going to, what have others done

Keith

Most banks would rather you take out a mortgage and invest the capiital in their bank.

As an individual, taking out a mortgage and paying regular payments on time will build your credit rating.

crazydaisy

Another thread mentioned that you'd need 35 % deposit as a new comer and maybe even a years worth of mortgage payments in the bank so maybe you can compromise and use some of the cash as downpayment and the rest to keep in liquid form until you know what type of job and salary level you'll end up with. Once you're settled and the job's going fine then there's no reason why you couldn't pay the rest of the money in to pay off more of the mortgage or invest it some other way. Meanwhile, if you don't need to dip into the remaining cash balance at least it's earning interest and if you place it in an offshore savings account you won't pay any tax on it.