New measures make it easier for newcomers
RBC Royal Bank announced it has made a number of enhancements to make it easier for newcomers to manage their finances and settle in Canada.
The changes being made recognize the unique needs of newcomers and better enable access to credit products, including options that require no Canadian credit history.
These affect three major areas of the journey to Canada:
• Buying your first car, home
• Establishing a Canadian credit history
• Getting re-accredited in your field.
Upon settling in Canada, many people require a vehicle. About one in four (26 per cent) newcomers who have been in Canada for one year or less report they expect to buy a vehicle in the next year.
However, more than one-third (39 per cent) of these say they don’t know how they are going to finance it.
RBC has made it easier to make a first car purchase in Canada by introducing a new “no credit history required” loan at over 3,500 dealerships nationwide.
Many newcomers buy a home within five years of arrival, and research has shown that it can be a very challenging experience.
The new mortgage enhancements make it easier for newcomers to get into their first house in Canada sooner. The qualification period for RBC’s Newcomer Mortgage program has been extended from three to five years, enabling more newcomers to get a mortgage in the first five years of arrival in Canada, with or without a credit history.
Establishing a credit history is a critical step upon settlement in Canada. One-third (32 per cent) of those new to Canada felt that having a credit card was a useful way to establish a good credit rating in Canada.
Allowing flexible borrowing behaviour helps newcomers achieve goals like buying a car or a house.
RBC has made it easier for the vast majority of permanent residents to qualify for an unsecured credit card.
Once they arrive in Canada, many workers may need to upgrade skills and enrol in courses or school to receive Canadian accreditation in their chosen profession.
To help newcomers with their career goals, RBC is expanding its unique Newcomer Skilled Loan Program to provide easier financing to support this important step.
For over 145 years, RBC has been helping newcomers get settled in Canada by providing them with resources and tools that make settling in Canada an easier transition.
To assist with language barriers RBC provides service by phone or in-branch in over 200 languages.
Consumers around the world can access information on moving to Canada, including financial advice checklists and more, at rbc.com/canada.
Posted: Jun 2, 2014