RBC Royal Bank has made a number of enhancements to make it easier for newcomers to manage their finances and settle in Canada. The changes recognize the unique needs of newcomers and better enable access to credit products, including options that require no Canadian credit history.
“Each year, we welcome approximately 650,000 immigrants to Canada and one of the common challenges newcomers face is establishing credit in their new home country,” said Christine Shisler, director, Multicultural Markets, RBC. “We want to be the bank that helps people with their important firsts - their first bank account, their first credit card, their first car purchase and their first home.”
The changes affect three major areas of the journey to Canada: Buying your first car and home, establishing a Canadian credit history, and getting reaccredited in your field. These changes will make it easier to get the credit products they need without waiting to build a Canadian credit history.
The qualification period for RBC’s Newcomer Mortgage program has changed 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.
Once they arrive in Canada, many workers may need to upgrade skills, and enroll 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.