novascotia2010

Lines of Credit for Medical Students (Scotia is the best option)

1,014 posts in this topic

1. I have no idea. Why not ask and reaffirm you want 275K. They do not want to lose a client like you.

 2. You are correct.

Share this post


Link to post
Share on other sites
On 7/13/2017 at 10:22 AM, Coronaxtra said:

So prime did go up to 2.95%. Prime minus 0.25 coming in handy this year :)

it did :)

although since the banks didn't drop in step with the prior 0.25 decreases in the overnight rate (only dropped 0.15), and very likely knew the increase was coming, which they may have been doing is finding a way to adjust things that looked well in their favour. Drop 0.15 but up 0.25 the other way etc. 

Not that I am complaining. It is nice to have the "hit" absorbed as it were. Hopefully future increases will be off for a bit. 

Share this post


Link to post
Share on other sites
2 hours ago, rmorelan said:

it did :)

although since the banks didn't drop in step with the prior 0.25 decreases in the overnight rate (only dropped 0.15), and very likely knew the increase was coming, which they may have been doing is finding a way to adjust things that looked well in their favour. Drop 0.15 but up 0.25 the other way etc. 

Not that I am complaining. It is nice to have the "hit" absorbed as it were. Hopefully future increases will be off for a bit. 

Some articles i've read are predicting another rise in October. Not sure how much truth there is too that but hoping for another 7 years before a rise :P

Share this post


Link to post
Share on other sites
On 6/28/2017 at 2:36 PM, palefire said:

275k at prime -.25, Visa infinite avion, 24 months grace period after finishing residency, VIP banking account. The interest rate stays the same throughout repayment after the end of the grace period 

Is the bold part something specific to RBC or do other banks such as Scotiabank also offer that?

Share this post


Link to post
Share on other sites
8 hours ago, AAAmeds said:

Is the bold part something specific to RBC or do other banks such as Scotiabank also offer that?

I think the wording of that might be confusing you - the rate being held at prime -0.25% will stay. However the prime rate will change and so the actual interest rate you are paying will vary. Since rates are so low right now that likely means an increase eventually (but the entire point of these things is it is hard or even impossible to predict anything). 

 

Share this post


Link to post
Share on other sites
9 hours ago, Coronaxtra said:

Some articles i've read are predicting another rise in October. Not sure how much truth there is too that but hoping for another 7 years before a rise :P

yeah there are always camps predicting things all the time - they don't really have a clue ha. No one was predicting they would be this low for this long. As the economy improves they should rise in theory but we are in an economic boom now for what going on 8-9 years? That is a very long time - and recession timing is not predictable either (other than just one is coming). Cannot sell newspapers/websites saying that though ha!

Share this post


Link to post
Share on other sites
On 2017-06-28 at 2:36 PM, palefire said:

275k at prime -.25, Visa infinite avion, 24 months grace period after finishing residency, VIP banking account. The interest rate stays the same throughout repayment after the end of the grace period 

 

2 hours ago, rmorelan said:

I think the wording of that might be confusing you - the rate being held at prime -0.25% will stay. However the prime rate will change and so the actual interest rate you are paying will vary. Since rates are so low right now that likely means an increase eventually (but the entire point of these things is it is hard or even impossible to predict anything). 

 

Thanks for the clarification. What I meant was that palefire's post lists the features of RBC package, and I was wondering if the last part regarding the "interest rate staying the same throughout the repayment after grace period" is something unique to RBC or do all major banks guarantee that.

Share this post


Link to post
Share on other sites
2 hours ago, AAAmeds said:

 

Thanks for the clarification. What I meant was that palefire's post lists the features of RBC package, and I was wondering if the last part regarding the "interest rate staying the same throughout the repayment after grace period" is something unique to RBC or do all major banks guarantee that.

 

Can't speak for all the other banks but Scotia also offered the fixed prime - .25% interest throughout repayment

Share this post


Link to post
Share on other sites
24 minutes ago, palefire said:

 

Can't speak for all the other banks but Scotia also offered the fixed prime - .25% interest throughout repayment

I always mention this when we get a flurry of LOC questions about something holding over a long time period - like repayment which lets face it, is about 10 YEARS away. During that time these LOCs are going to change and change often In the past 8 they have increased by 50%, gone to prime -0.25% from prime, all these extra services have been offered....), and likely there will be something that pops up that makes you consider switching banks or insisting on the new rules. Often these things are less guaranteed (unless you can find the fine printing in the contract and no where else does it say terms are subject to change - which most of them do). 

The competition is the major thing that keeps all this in check, and you have to be ready to move if necessary to get something you want. 

Sauna and AAAmeds like this

Share this post


Link to post
Share on other sites

How long did it take for you guys to get your LOC (I'm with RBC)? They've set me up with all the other stuff (VIP account and Platinum Voyage) but I still don't have access to teh LOC for the time being.

Share this post


Link to post
Share on other sites
51 minutes ago, SunAndMoon said:

How long did it take for you guys to get your LOC (I'm with RBC)? They've set me up with all the other stuff (VIP account and Platinum Voyage) but I still don't have access to teh LOC for the time being.

It was about 4 business days for the approval, although they told me it could take up to a week. After it was approved and I went in and signed the papers it was up and available online to access that day. 

SunAndMoon likes this

Share this post


Link to post
Share on other sites
5 minutes ago, thank4 said:

took a few business days for me as well, and then another few to get the rate changed from prime to prime - 0.25%

Really curious how the new OSAP is going to impact medical students. Does anyone know?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now