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ScotiabankLawAdvisor last won the day on August 4 2018

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  1. You will have access to the credit for the two year period after finishing articling.
  2. For someone with $11K in debt we would only deduct $1K from our limit if they chose to keep it. Existing clients will have to re-apply with a new application/credit check etc. If there is a recent application done in the past couple of months say, we can just send in for an amendment. Speak to your advisor.
  3. So changes are live - limit increased to a maximum of $135,000 in total, so $45K/year. The only other change I can see is the ability to keep small amounts of existing credit (i.e. credit cards at another bank) without the need to close them in order to get the maximum limit on the LOC.
  4. Haha I made a typo, it's not Tuesday. They told us changes will be official on the 6th, but they didn't let us know what the changes will be. I'm kept in the suspense with you.
  5. News should be coming next week stayed tuned - should be Friday.
  6. Oh got ya - yes you would still be able to get the changes then.
  7. At this point second year is done so you wouldn't be able to get anything retroactive to 1st & 2nd year anyways in terms of limits. Id' just wait until the changes are announced then see your advisor to get you up to date on everything. I expected to have the changes already, but now I'm not sure when they will come out. Could be sometime in July or August.
  8. Apparently one of the upcoming changes is that we may see an increase to the $125K limit - still waiting on the official word, no timeline yet as to when it will be official though.
  9. The line of credit is closed (as in you no longer have access to withdraw from it anymore) 24 months after the end of articling. At that point you'll begin the mandatory repayment, and the interest rate remains the same.
  10. Just out of curiosity why would you borrow money if you have savings you can use. I would be using the money you have set aside in your savings before borrowing any money, unless that money was tied up in some fashion. At the end of the day that will be more cost effective for you. I'll use some fictitious numbers below to illustrate my point. Scenario 1: Savings balance $5,000 LOC Balance $10,000 @ 3.45% Interest cost each month: $28.75 Scenario 2: Savings balance $0 LOC Balance $5,000 @ 3.45% Interest cost each month: $14.38 Ideally you'll want to use any savings you have prior to borrowing any money, it will save you from paying interest. The only scenarios where it wouldn't make sense to do so would be if the return you are getting on your savings was higher than the cost of borrowing, or if it was locked in somehow. If you have your savings set aside as a just in case/emergency type fund, just remember that you can easily access the funds from your LOC for that purpose too.
  11. It doesn't hurt to reach out to them to ask on the status of the application
  12. Take the two cards - you can combine the limits into one card later down the road if that's what you want. Also, just because you finish school/articling doesn't mean you can't keep the cards with the annual fees waived. You can keep them free by enrolling into our Scotia Professional Plan, which is similar to the Scotia Professional Student Plan just more tailored to your working career. This is a conversation you should have with your advisor once you are nearing the end of articling.
  13. To those who have already begun the application process or are existing clients, don't sweat it because the changes can still apply to you from what I can see. And don't expect anything gimmicky like free iPads or anything, it's more of material changes to the plan/accounts etc. We should have some official news on these changes by mid June from what I've heard.
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