withabix

Despite their Startright programme which is supposed to provide mortgages for people in 'this' position...

TFWs: http://www.scotiabank.com/ca/en/0,,4359,00.html

Landed Immigrants (which isn't a current 'term' anyway): http://www.scotiabank.com/ca/en/0,,4355,00.html


I would be interested in other people's recommendations, because we are looking to buy in the first half of next year too.

Tony_Tiger

Non residents can have RRSP as long as they have a SIN number.
So if your on a work permit you can open a RSP. The question then is what type? Mutual Funds, Direct Investing or GICS. These depend on your long term goals and overall investment profile and portfolio.

Rosie Lee

We got ours from a private individual, through a broker. We had 35% down and were classed as immigrants. Cost us the earth, but we were in, got work and were then able to go to the high street, where RBC were great and gave us 2.99 %. Where there's a will there's a way, everything is do-able.

Tirytory

Scotia would have given us a mortgage on a twp but we needed to have 50% down....well that wasn't going to happen. We spoke to various people at the bank but they all hit a dead wall somewhere along the line.... Kind of silly of them really giving our circumstances.

We didn't shop around as we didn't want to affect our credit rating, but thought we'd get a decent rate from TD as advised and they only wanted 20% so all good. We also managed to secure a handsome credit card limit from them on the promise of transferring accounts and husbands work prospects. Now I really must get round to that!

Rosie Lee

Hmm, the credit card things a whole other problem. We had to put $1000 down as secured.
Don't think we'll be seeing that again...

Tirytory

I use the Scotia credit card for grocery shopping but really flipping annoys me as the limit is so low it has to be cleared twice or three times a month.... I was told when I approached them about raising it that we would have to wait to be "landed"...

Argh why have I not moved everything, it's annoying me just thinking about it!

Siouxie

You will have it returned within 1 year (or 6 months if you have a good relationship with your customer service advisor and ask - and you have been paying off your balance each month).

It's not unusual to have a secured credit card as a newcomer - the money is placed in a GIC which can be redeemed.

Tony_Tiger

The $1000 is usually placed in a savings account and held. Then you get the $1000 credit card. You can place the $1000 in a GIC if you would like, if you do use your TFSA(so you don't have to pay capital gains tax, but make sure you know your limit for the year). You can lock a higher amount for a higher credit limit if you like.
Its not the bank asking for the secured visa/freeze, its Visa. Depending on which bank you use its usually two years before they take the freeze off and you can have a secured credit card. Sometimes you can get away with one year. Visa generally likes to see two. But I have seen some banks take it off after less time.

If you have never had a credit card, have no credit history and are a canadian resident. Apply for a credit card at TD and ask for the branch manager override. When you apply for a credit card, it will always come back declined as you have no credit history. But the branch manager can override it for up to $1000 for a unsecured credit card.

Siouxie

RBC automatically put my $1000 into a GIC, there was no choice. It was the bank that required mine to be secured (though it could have been via Visa); after 9 months I asked my CSA if they could release the funds and he was happy to do so - and then gave me a $5000 unsecured line of credit on top.

I really think it all comes down to the customer services advisor that you have - I was lucky and had a super one. My son was given an unsecured $1000 visa with no credit history and no job as a newly arrived PR, so there seems little rhyme nor reason as to why they make the decisions they do!

withabix

I feel your pain!

I got a Scotia credit card with an enormous limit of $500. Still managed to get $125 cashback from it after the first year!

I applied for an HBC MasterCard when we bought a mattress and they let me have $800 limit...Useful for getting discounts but not much else.

Just for a laugh, I applied for a Sears Voyage MasterCard dung the summer and they gave me $5000 That one is useful as it has no Forex charges and gets 10% extra off in Sears and LDW on rental vehicles.

Main card is an Amex, which I got by having had a UK Amex. Points make prizes (170,000 MR Points at the moment), which will get used for travel at some stage soon. Plus the usual Amex benefits.

The cards get strategically used for ALL shopping (e.g. the Amex recently got us 6 x $15 discounts off $60 purchases of gas or shopping at Safeway) and the Scotia bank account just gets used to pay them off every month (or every bleeding day with the Scotia credit card!!!!).

Tony_Tiger

You are right it depends on the advisor. If your new to the country and don't know anything about the instruments then you are at the mercy of the advisor. Why would he give a unsecured credit card. When he cal sell a credit card and a GIC. He sells a GIC to get his daily sales units up. He's sold two units. In reality Visa does not care so long as the funds are secured in Savings account, Chequing account or GIC.
Visa may release it early to a variety of reasons early with exception. It depends on the bank too. The $5000 line of credit is not because the bank likes you (trust me on this). Its variety of factors. Credit is based on four items, your income, debit, savings and credit score. Then there is your overall profile and asset base. The system has algorithm that can pick up on this, hence one can get pre-approved offers like the $5000 line of credit (he sold another unit, albeit a bigger one and if you use it the bank makes money).

TD Visa will not release secured funds less then two years unless there is a specific exception.
New to Canada PR can get a unsecured VISA easy, people don't know this. But advisors generally won't do it because they know they don't know anything and can get more sales units out of them. They are not there to help you but to get maximum sales units out of you. But if they can do it whilst making one think they are be helped then its win win scenario.

Largo

Sorry you have had this experience. I have been with Scotiabank for over 35 yrs. and have never had a problem nor complaint in the three provinces I have lived in

Juggernaut1064

i got a visa with RBC straight away no problems but one thing i brought with me from the UK was an Equifax credit report, maybe that helped ? oh and it was a $3000 limit which wasn't bad seeing as i was moving into my apartment just after arriving.

dishwashing

I was told current big bank rates are 3.2%. WT...!" Sounded like a good deal, TT!

Mikeypm

Did not have to put any money down for a credit card, got a mastercard with PC with $1000 limit, then got a visa with RBC no money down and a $2000, then a third car which was a master card with RBC again no money down and $2,000 limit. Then just over Christmas RBC offered to reduce the apr and increase the limit on the visa to $4,000 limit. So three cards at the moment with combined limit of $7,000. Also RBC have given me pre approval on a mortgage and on a line of credit. I think it depends on who you see at the bank perhaps?