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Coronaxtra Newbie

Coronaxtra

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Has anyone tried to shop around for a LOC? How have the offers been for others? The best I've received is from Scotia and TD who are willing to do prime minus 0.5 with 275k and the usual credit cards fees waived.

 

EDIT: Unfortunately, the minus 0.5 was denied when I put the application in for approval. I was given minus 0.25 with 275K and Scotia AmEx/Infinite Momentum after negotiating fees waived.

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Coronaxtra Newbie

Coronaxtra

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Ask if they will convert the student LOC into a regular LOC at the same rate after graduation. RBC did that for me and it's been very useful.

Yes I was told it will remain an LOC after graduation with the same rate. RBC wasn't giving me anything less than prime and only 225k.

 

is minus 0.5 only available to dental students?

 

I was told med students get the same or better rate than dental students. But I think it varies since someone else was only offered prime by Scotia/TD and they wouldn't budge
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DennisCPA Newbie

DennisCPA

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Has anyone tried to shop around for a LOC? How have the offers been for others? The best I've received is from Scotia and TD who are willing to do prime minus 0.5 with 275k and the usual credit cards fees waived.

That is standard from what I've seen in the industry. I would suggest Scotia or RBC as they have a dedicated team for healthcare professionals.

 

 

Ask if they will convert the student LOC into a regular LOC at the same rate after graduation. RBC did that for me and it's been very useful.

The rules have changed, in past Scotia and RBC would transition your student LOC to a professional LOC.

Now with RBC, when you graduate the LOC will be converted to a loan and a small portion of that can be kept as a LOC.

With Scotia, they are offering to convert the student LOC to a professional LOC upon graduation, however, they will charge a monthly fee on the LOC.

 

The banks always change their policies to stay competitive. The few months before you graduate, see which bank will give you what you want (I would prefer having a prof. LOC), and go with them. Switching banks is very easy for doctors, they all want your business.

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Coronaxtra Newbie

Coronaxtra

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May I ask which ScotiaBank was offering you the "prime - 0.5" rate? The Scotiabank at UBC was offering Prime - 0.25; I've already signed the papers, so I doubt I can still negotiate....

The locations near square one in Mississauga . I went to three different ones and they all offered the same thing. The only thing is they want it signed and approved by April 30

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zeej Newbie

zeej

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On ‎7‎/‎21‎/‎2018 at 4:00 PM, BBB123 said:

Has anyone been able to get their LOC from RBC with prime minus 0.5%? The best I got from them is prime minus 0.25... :(

Nope. Just met with them recently and got prime-0.25. Seems like this prime or prime-0.25 is what the major banks are offering right now for dent.

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