Hubby and I have been in BC on BUNAC for nine months, just been given BC PNP approval so are now on work permits until we get residency through.
We are thinking of buying a house, have a 10% downpayment, both employed full time, permanent jobs.

Went to see mortgage advisor today and she told us that we qualify financially for the mortgage value we want but we wouldn't be able to get a mortgage unless we had "landed immigrant status" which she takes to mean residency.
If we wanted to get a mortgage at all without "landed immigrant status" we would have to have 25% downpayment and proof that we have liquid assets worth 50% of the price of the property.

Does anyone know if landed immigrant status does mean residency, or if PNP approval counts? Anyone with similar or contrasting experiences to us?

I noticed a few people on older threads saying they had got mortgages with 5% downpayment while on TWPs... probably this is just the effect of the credit crunch

Until you have permanent residency, buying a property on a temporary permit is always a risky business. Even on PR, renting for a few months to get settled in makes a lot of sense. PNP is only a nomination to CIC. Permanent Residency and Landed Immigrant status are one and the same thing. Until the PR has been approved by CIC then the permit is only temporary. I believe it is pretty unusual to be turned down, but then the permit holder in New Zealand did not expect to get the treatment they are currently recieiving.

It might be an idea to get a second opinion from another broker. Certainly take notice of The Aviator's warning about the risk of buying real estate while you are here on a work permit. However, if you decide to proceed I am sure there are lenders somewhere who will take a chance on you if you have 10% to put down.

Thanks both for your replies. I think we may look for a second opinion, just to be sure of our facts.

we are on TWP, applied for PR. Have just bought new house with 5% down, no problems with not being PR and that was with RBC. Good idea to look around.
Good luck

Hi,

I work with a mortgage broker that I trust and recommend if you want to contact me directly I will pass on his details.

Warmly,

Frank

Hmm.. broker called me back this morning and said she had checked with the mortgage insurers and they confirmed verbally that being on PNP should be enough for them. We are going to wait until we get it in writing before we get our hopes up.

Thanks for all your replies - looks like we have a good chance...