Mortgage Loan Advice from RBC Loan Manager Shirley Zhou

Mortgage Loan Advice from RBC Loan Manager Shirley Zhou

Tuesday Jun 21st, 2022


Priscilla is thrilled to be able to invite Shirley Zhou, the Toronto RBC Loan Manager to come onto her YouTube video for an interview so she may share their banking policies and requirements for new immigrants relocating to Canada. Here are some highlighted talking points:

New Policies:

1. RBC is one of the most friendliest to new immigrants when it comes to obtaining a mortgage loan for their next house or condo purchase. Yet Shirley Zhou shares with us, that now RBC requires all new immigrants must demonstrate a $12K annual income to qualify for any mortgage loan. This could be employment income, rental income, or income from investments. The meridian income for a Canadian family annually is $80K, so $12K wouldn’t be hard to earn in a year.

2.In addition, new immigrant’s maximum loan amount when up from $1m to $1.5m

3. New immigrants are able to refinance their mortgages.

TDS: Total Debt Service Ratio

RBC also implemented the max TDS to be 300%, which means your annual income x 35 equals the amount of maximum loan you are allowed to obtain. 

International Students Loan Requirement

International students do not need to worry about income as they are students. Their parents could show proof of their income and be the guarantor for their child. The parent’s name could go on the title or just keep it to their children’s name, that’s a decision up to the customer. 

Senior Citizens Loan Requirement

Senior citizens who do not have full time employment as they are already retired do not need to worry. If they could prove that they have rental income or income from their other investments that meets the annual $12K, then that would be sufficient for RBC to lend them the mortgage loan.

High Net Worth Mortgage

People with an annual income of $250K could apply for these loans where the TDS is 500% which means, your annual income x 65 times. The loan allowance went from previously $1 million to $1.5 million. 

WHO is a NEW IMMIGRANT according to RBC?

Anyone who has arrived in Canada 5 years or less. Anyone who has obtained their permanent residence or Canadian citizenship, then went back to China and worked a few years, and came back to Canada 5 years or less. 

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