Why Newcomers Love Our Mortgages
RBC makes it easier for newcomers to buy their first home, with mortgage options for newcomers with little-to-no Canadian employment or credit history1. We’re here to help with your transition to Canadian life, whether you’re:
If you are a non-Canadian with a study or work permit and on the path to Canadian Permanent Resident status and your lawyer has verified that you are legally eligible to purchase residential property in Canada, you may be able to qualify for a mortgage.
Buy a Home With Confidence
A Mortgage Specialist Can Help
Find an RBC mortgage specialist that speaks your preferred language, receive professional, personalized advice and get a fast and easy mortgage pre-approval. Your specialist can:
Tools and Resources
Not sure where to start? You may find the following tools and resources useful:
Are you eligible to buy a property in Canada?
Effective January 1, 2023, the Government of Canada will be placing certain restrictions on the purchase of residential property in Canada by non-Canadians. We recommend you speak with a lawyer/ notary to confirm whether you’re eligible to buy a residential property in Canada before you start your home search.
The RBC Newcomer Advantage
Get what you need for a great financial start in Canada. Discover products and services that can help you settle in faster. Plus, get up to a $15,000 credit limit on a new RBC credit card9.
How to Apply for an RBC Mortgage
Whether you’re ready to buy a home or just starting to save for a down payment, an RBC mortgage specialist can help make your home ownership dreams a reality.
You can search by language spoken.
Call Toll-Free: 1-866-756-1107
Service available in up to 200 languages.
Discover & Learn
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As a newcomer to Canada, you may be eligible for an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan, even if you have little to no Canadian employment or credit history, provided you meet all of the eligibility requirements and credit criteria of Royal Bank of Canada and do not have adverse credit bureau information. Available to permanent residents who have been in Canada less than 5 years. Temporary residents may also be eligible for certain lending and/or other products offered by Royal Bank of Canada. To be eligible and/or qualify for RBC offers for newcomers to Canada, you may be required to show proof of entry into Canada and provide supporting documents such as a passport, landing papers (e.g., work permit, visa, etc.) or Canadian Permanent Resident card. Additional documents may be required to validate down payment funds sourced from another country. If applying for a residential mortgage under an eligible Royal Bank of Canada program for newcomers to Canada, you must have, and be able to furnish proof of, Canadian income from another source, such as an eligible Canadian investment. All residential mortgages and lending products provided by Royal Bank of Canada are subject to its standard lending criteria. For additional information, speak to an RBC Mortgage Specialist.
You may complete an RBC Mortgage Pre-Approval using our online form, or by contacting an RBC Mortgage Specialist. Getting pre-approved for a mortgage is free and can help you (i) know how much you can afford to pay for your home and what your interest rate will be; and (ii) be in a better position to make an offer to purchase a property. Subject to additional terms and conditions. For additional information, speak to an RBC Mortgage Specialist.
For applications that result in a written mortgage pre-approval or approval containing an interest rate commitment, the interest rate is guaranteed for up to 120 days from the rate commitment date. The mortgage must fund within 120 days from the start of the rate commitment period. Other terms and conditions may apply. For additional information, speak to an RBC Mortgage Specialist.
In cases where down payment is less than 20% of the value of a property, the maximum 30-year amortization will apply only to (i) all first-time home buyers provided they satisfy the definition of a first-time homebuyer, or (ii) all purchasers of newly built homes. In addition, if your down payment is less than 20%, you must pay a mortgage default insurance premium charged by a mortgage insurer. This insurance protects the financial institution if you ever default on your mortgage. Available for Conventional Newcomer Equity and Standard Programs. Default insured programs that do not fit within the qualifying criteria above will have a maximum amortization period of 25 years.
Your credit limit will be based on financially related information about you, including income and asset information. Offer available to RBC personal deposit accountholders who are (i) permanent residents who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, applying for a new RBC Royal Bank personal credit card (excluding the RBC Rate Advantage Visa). Existing RBC Royal Bank personal credit card cardholders are not eligible. Royal Bank of Canada reserves the right to cancel, modify or withdraw this offer at any time. Higher credit limits are subject to higher income and asset requirements.