Line Of Credit In Vancouver

[Maverick 78]

Can any current/older students or incoming 2021 students who have secured a line of credit PM me the name of their trusted financial advisors (if that isn't too confidential, I understand if you would not like to share that information with an online stranger)?

 

I'd rather approach a trustworthy financial advisor right off the bat rather than have to sift through ones that are trying to take advantage of me. Any especially important points I should arm myself with before I go in for an appointment?

 

All I know right now is that prime - 0.25% is competitive.

[Phosphorus 23]

If you would also please send me a private message with this information. I'm trying to find someone to deal with and would like to deal with someone trusted.

[icanmakeyourmedrock 7]

I'd also love some info too!

[AAAmeds 34]

I'd love to have this info too. Thanks a lot.

[thank4 12]

Me three!

[Lifeisawesome 133]

If you have a trusted financial advisor at your current location, you can just go with them. I'm currently at UBC, but my financial advisor and all my LOC things, I set up in Ontario before I left. It hasn't been an issue dealing with stuff as pretty much everything can be done over the phone or by email. The only issue was that I am from a small town and am pretty sure they haven't dealt with many (if any) medical student LOCs before, so I had to show them what other students were getting. They were very easy to deal with though, and I got everything I wanted in the end.

 

  Just a thought! 

[rmorelan 2,572]

If the list I have is up to date the contact for UBC would be daniel.fernandes@scotiabank.com for scotia. Somewhere around here I have the RBC ones as well but I cannot seem to find it at the moment. If I track it down I will post that as well. 

 

if that helps at all. 

Edited May 23, 2017 by rmorelan

[46dr 77]

Daniel at Scotia has been really quick to reply, and their package looks awesome. I've also talked to someone at RBC (they have a list on their website), and they said they're adding some perks in June (possibly waving the credit card fee for the rest of the degree, not just first year).

 

So far I'm leaning towards Scotia.

[Maverick 78]

46dr, do you mind sharing what incentives (especially the credit cards being offered) Daniel is offering you at Scotia? I'm going to be calling him soon and it'd be cool to see if we can land any sweet deals or at least ensure that we are all receiving fair offers

[MedZZZ 14]

I thought we have to wait to apply for LOC until we have a proof of enrolment, which would be available in July after registration or am I wrong? 

Also, do you guys know if we can apply for government student loan in June or do we have to wait after registration? 

I am very confused ... 

[thank4 12]

Yea I am wondering the same thing. All I have right now is the acceptance letter. Can I use that to get LOC? Do I need to show on my computer that I accepted the offer and paid deposit?

 

Thanks!

[JohnGrisham 1,745]

Some banks will allow the LOC to be processed with just the acceptance letter. Not all, and not all reps even within a bank.

Some will just get it all sorted out and approved, but no access to funds until the enrollement forms.

[46dr 77]

46dr, do you mind sharing what incentives (especially the credit cards being offered) Daniel is offering you at Scotia? I'm going to be calling him soon and it'd be cool to see if we can land any sweet deals or at least ensure that we are all receiving fair offers

 

 

I'm pretty sure it's exactly the same, his initial response seemed copied/pasted. It's all the normal stuff that's been posted before, with the exception of prime -0.25% instead of prime. This isn't exclusive to Scotia though as I talked to RBC and their website just hasn't been updated. 275k, prime might change but the -0.25% stays, no principal payments until after residency, etc. Pre-approved gold amex and gold rewards.

 

I honestly would rather stay at TD but I haven't found an advisor that's med-specific yet. Does anyone have a contact? 

 

Also, apparently Scotia will set up an auto-payment so you don't have to manually pay your LOC's interest each month. That's attractive to me. 

[rmorelan 2,572]

I'm pretty sure it's exactly the same, his initial response seemed copied/pasted. It's all the normal stuff that's been posted before, with the exception of prime -0.25% instead of prime. This isn't exclusive to Scotia though as I talked to RBC and their website just hasn't been updated. 275k, prime might change but the -0.25% stays, no principal payments until after residency, etc. Pre-approved gold amex and gold rewards.

 

I honestly would rather stay at TD but I haven't found an advisor that's med-specific yet. Does anyone have a contact? 

 

Also, apparently Scotia will set up an auto-payment so you don't have to manually pay your LOC's interest each month. That's attractive to me. 

 

that is true - ha, it is so annoying to have to remember to do that each month (when on Call and working 80 hour work weeks)

[kol26 22]

..

[46dr 77]

Hey Kol26, I'm glad TD was able to sort you out! I think maybe you working there might have helped, I met with an advisor today that was helpful but it just didn't make sense to go with them. What I got today was: 

 

- LOC is at prime (not prime -0.25 like at Scotia and RBC)

- Rate will stay the same but prime might change (same)

- Won't waive credit card fees (Scotia will for 4 years and RBC at least one, though they said that might change)

- Won't waive banking fees (Scotia and RBC you get two all-inclusive accounts for free and no minimum balance)

- Will give you a free UEBOOM 2 (while they're great, I have one myself, it's a bit poor)

 

She also said that I'd most likely need a co-signer and that she's tried to negotiate for med students before but has always been unsuccessful. 

 

Long story short, Scotia here I come. 

[rmorelan 2,572]

Hey Kol26, I'm glad TD was able to sort you out! I think maybe you working there might have helped, I met with an advisor today that was helpful but it just didn't make sense to go with them. What I got today was: 

 

- LOC is at prime (not prime -0.25 like at Scotia and RBC)

- Rate will stay the same but prime might change (same)

- Won't waive credit card fees (Scotia will for 4 years and RBC at least one, though they said that might change)

- Won't waive banking fees (Scotia and RBC you get two all-inclusive accounts for free and no minimum balance)

- Will give you a free UEBOOM 2 (while they're great, I have one myself, it's a bit poor)

 

She also said that I'd most likely need a co-signer and that she's tried to negotiate for med students before but has always been unsuccessful. 

 

Long story short, Scotia here I come. 

 

yeah that just isn't enough - 

 

this all supposed to be standardized and done with equality and a measure of respect as a result. It is strange even still to me when it isn't but since it isn't then the response is clear. 

[RicardoKaká 306]

Hey Kol26, I'm glad TD was able to sort you out! I think maybe you working there might have helped, I met with an advisor today that was helpful but it just didn't make sense to go with them. What I got today was: 

 

- LOC is at prime (not prime -0.25 like at Scotia and RBC)

- Rate will stay the same but prime might change (same)

- Won't waive credit card fees (Scotia will for 4 years and RBC at least one, though they said that might change)

- Won't waive banking fees (Scotia and RBC you get two all-inclusive accounts for free and no minimum balance)

- Will give you a free UEBOOM 2 (while they're great, I have one myself, it's a bit poor)

 

She also said that I'd most likely need a co-signer and that she's tried to negotiate for med students before but has always been unsuccessful. 

 

Long story short, Scotia here I come. 

 

This is strange, I got the same deal as Kol, but I am from Ontario - that just doesnt sound right to me. TD is also supposedly to have a standardized system, as in every bank should offer the same deal (thats what my TD advisor told me nevertheless).

 

I got 0.25 subprime, TD Platinum Travel Visa, UEBoom Speaker -- all fees waived on my credit card and an all inclusive chequing account.

[kol26 22]

Hey Kol26, I'm glad TD was able to sort you out! I think maybe you working there might have helped, I met with an advisor today that was helpful but it just didn't make sense to go with them. What I got today was: 

 

- LOC is at prime (not prime -0.25 like at Scotia and RBC)

- Rate will stay the same but prime might change (same)

- Won't waive credit card fees (Scotia will for 4 years and RBC at least one, though they said that might change)

- Won't waive banking fees (Scotia and RBC you get two all-inclusive accounts for free and no minimum balance)

- Will give you a free UEBOOM 2 (while they're great, I have one myself, it's a bit poor)

 

She also said that I'd most likely need a co-signer and that she's tried to negotiate for med students before but has always been unsuccessful. 

 

Long story short, Scotia here I come. 

 

 

Hey!

 

Sorry to hear that TD wasn't able to accommodate you better. I honestly think it was the advisor who wasn't well educated in the LOC process for medical students, because all these features aren't dependent on the student, they should be guaranteed for you. Even on TD's homepage it explicitly states the benefits they have, which include the All-Inclusive account rebated for 4 years (usually 30$ a month if you can't keep a 5000 balance) which would then include any visa, with its fee being waived, and every other bonus that comes with the All-Inclusive account. 

 

Regardless, if scotia is a better option for you, then go with them! As long as you're happy and have trust with your advisor, thats all that really matters at the end of the day. 

[rmorelan 2,572]

Hey!

 

Sorry to hear that TD wasn't able to accommodate you better. I honestly think it was the advisor who wasn't well educated in the LOC process for medical students, because all these features aren't dependent on the student, they should be guaranteed for you. Even on TD's homepage it explicitly states the benefits they have, which include the All-Inclusive account rebated for 4 years (usually 30$ a month if you can't keep a 5000 balance) which would then include any visa, with its fee being waived, and every other bonus that comes with the All-Inclusive account. 

 

Regardless, if scotia is a better option for you, then go with them! As long as you're happy and have trust with your advisor, thats all that really matters at the end of the day. 

 

It was ages ago but I ran into the same problem with TD (my original home branch) prior to medical school. They didn't, and may not still, have a good system for making sure advisers now what they can offer to specifically medical students. We are after all a comparatively small group of people for them. 

[RicardoKaká 306]

It was ages ago but I ran into the same problem with TD (my original home branch) prior to medical school. They didn't, and may not still, have a good system for making sure advisers now what they can offer to specifically medical students. We are after all a comparatively small group of people for them. 

 

Its weird because based on my friend circles, it seems like everyone I know is either a medical student or practicing physician hahaha. 

[icanmakeyourmedrock 7]

Did TD's offer include interest only payments throughout residency as well?

[rmorelan 2,572]

Did TD's offer include interest only payments throughout residency as well?

 

not sure you could have a LOC either way really - I mean if they say hey you need to make principal payments, you are only going to just get that money from the LOC to pay it anyway. 

 

The end result would be the same, no?

[AAAmeds 34]

not sure you could have a LOC either way really - I mean if they say hey you need to make principal payments, you are only going to just get that money from the LOC to pay it anyway.

 

The end result would be the same, no?

But if you use LOC to make principal payments, then it just means more interest over interest. It would end up much cheaper if they could allow you to pay after residency so that you could use your income to pay for principal payments. Am I missing something?

[rmorelan 2,572]

But if you use LOC to make principal payments, then it just means more interest over interest. It would end up much cheaper if they could allow you to pay after residency so that you could use your income to pay for principal payments. Am I missing something?

 

kind of although I am not sure I am explaining it well

 

In medical school and for many residency you are paying the interest with the LOC in either case (and LOC is not a government loan - it is a regular loan. You pay interest on the money you borrow immediately) That interest is added to the principal of the loan - and then becomes the loans new increased principal amount meaning next month you owe more interest (your interest on interest happens for all people using the LOC). 

 

If the bank said you have to pay principal payments (which means they want you to move to a point where you are paying things off) as a medical student it would be pointless. In a month they would say you owe 1000 say in principal, and 500 in interest. Where would you get the money from? Your only option is the LOC itself which you have full access to - so you take 1500 dollars out of the LOC, and pay both the interest and the principal off the loan. Your new amount owed would be (old value) + 1500 (which you withdrew to pay things - the interest and the principal) - 1000 (the principal payment). With no principal payment you still owe the interest which would be  in the end (old loan amount) + 500 (interest). Those two totals are exactly the same amount. As long as you are only using the LOC to pay things it doesn't matter.