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

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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. 

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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

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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?

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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). 

 

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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!

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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.

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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

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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. 

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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. 

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9 minutes ago, MDLaval2017 said:

Anyone had the experience of changing one's LOC from one bank to another? How did it work out?

Shouldn't be hard. You need to get your LOC's credit manager at your existing bank involved with the new LOC's credit manager at the new bank. The new bank will arrange to have your old LOC extinguished (by paying it down in full) and you will now have your outstanding LOC balance with the new bank. It should work relatively seamlessly with the big banks. 

What is your reasoning for the switch? They normally have pretty standard terms across the board, but with minor perks like credit cards etc.

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16 minutes ago, qnzjlo said:

Shouldn't be hard. You need to get your LOC's credit manager at your existing bank involved with the new LOC's credit manager at the new bank. The new bank will arrange to have your old LOC extinguished (by paying it down in full) and you will now have your outstanding LOC balance with the new bank. It should work relatively seamlessly with the big banks. 

What is your reasoning for the switch? They normally have pretty standard terms across the board, but with minor perks like credit cards etc.

I haven't decided yet, but I'm considering it. Not very satisfied with customer service at my current bank, and since there's only one branch where I live with advisors who work specifically with this kind of LOC, going to another branch isn't an option.

I was thinking about meeting an advisor at another bank, explain what I want and why, see what they offer and how it works, then I'll make my mind up. 

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1 hour ago, MDLaval2017 said:

I haven't decided yet, but I'm considering it. Not very satisfied with customer service at my current bank, and since there's only one branch where I live with advisors who work specifically with this kind of LOC, going to another branch isn't an option.

I was thinking about meeting an advisor at another bank, explain what I want and why, see what they offer and how it works, then I'll make my mind up. 

sounds like a plan :)

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On ‎23‎/‎10‎/‎2017 at 8:50 AM, MDLaval said:

I haven't decided yet, but I'm considering it. Not very satisfied with customer service at my current bank, and since there's only one branch where I live with advisors who work specifically with this kind of LOC, going to another branch isn't an option.

I was thinking about meeting an advisor at another bank, explain what I want and why, see what they offer and how it works, then I'll make my mind up. 

Hi just wanted to touch base with you , had you made the change ? If not feel free to msg me and I can answer any questions you have or set you up.

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On ‎26‎/‎06‎/‎2017 at 10:47 AM, 1997 said:

How do you find specialists ? I went to several banks already and asked for advice on bank plans for medical students and I have always been placed with advisors that are absolutely USELESS. Many of them didn't even know there was a LOC for medical students and I ended up having to explain a lot of things to them... No matter how good the plan is, I can't give my money to someone I don't trust. 

I'm in the Montreal downtown area and I'm interested in seeing a Scotia bank advisor but any bank will do at this point.

Hi sorry for delay answering you post , I have sent you a PM .

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On 4/7/2018 at 10:00 PM, FMinterview said:

1.) Is LOC from Scotia interest only payments for 2 years post residency/fellowship?

2.) Does Scotia increase your LOC max limit during residency?

1. Scotia now has a 2 year grace period at completion of residency/fellowship.

2.Yes you can look to increase your limit for residency.  In the past you would have had to wait until accepted into residency.  Now the increase can be done at any time.  Since you likely did your application 4 years ago the approval would have been for 200k.  Contact your adviser and they can do a quick application to get the increase approved.

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