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About WannaBeBanker

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  1. WannaBeBanker

    Paying LOC Interest

    Why would you take on that added risk by leveraging your LOC for a 1% gross return? Totally not worth it.
  2. WannaBeBanker

    When does LOC become available?

  3. WannaBeBanker

    Changes to Scotiabank's Offering

    The repayment grace period is 24 months after you finish articling. The reason the forms you were given say 12 months is because these forms are used for all faculties/programs that fall under the SPSP, and only a few qualify for the 24 month grace period as opposed to 12 months. The ones that qualify are law, medicine and dentistry while all others are all still 12 months. Unfortunately those fields in the forms can not be modified, so maybe to feel a little more secure just get an email from your advisor or something confirming the 24 month grace period if that will put you more at ease.
  4. WannaBeBanker

    Quick Question about Signing Scotia PSLOC

    If you don't have any government student loans right now then you won't have a statement/confirmation of such, so there's nothing you can bring. They will be pulling your credit report so they will see nothing owing there.
  5. WannaBeBanker

    Changes to Scotiabank's Offering

    The $135K is split up unevenly as other have mentioned: $41,700 in first year $41,700 ($83,400 aggregate) in second year $51,600 ($135,000 aggregate) in third year The extra $10,000 that previously needed to be applied for during articling just gets added to the 3rd year disbursement.
  6. WannaBeBanker

    PSLOC declined

    If TDSR is an issue that means that your co-signor does not have enough income to support the debt they are trying to co-sign for. You mentioned that your co-signor owns a house with a mortgage on it, so they would have to be able to support their existing mortgage/housing payments, any other debt they may have (credit cards/LOCs/car loans/student loans etc.) and the total amount of the LOC you are looking to get on their income. The calculation of TDSR goes something like this: [ Housing costs (mortgage payment, heat, property tax) + monthly debt payments (credit cards, LOCs, loans) ] / Gross income = TDSR As to what they would deem an acceptable TDSR is what the question is, but I doubt they would look at anything over 40%. The required payment on a $135,000 LOC would be over $1,300 alone based on rates right now, so they would need to be able to carry that above and beyond what their current commitments are.