New to Canada? You can buy a home sooner than you think.
Whether you're a Permanent Resident or on a work permit, special newcomer programs from RBC, Scotiabank (StartRight), BMO (NewStart), TD, and National Bank let you buy with as little as 5% down — and accept international credit history. We speak 50+ languages in-house.
Permanent Resident · 5% downWork permit acceptedInternational credit OK50+ languagesOpen FHSA from day 1Foreign-buyer tax refund
Most Canadian banks send newcomers to a salaried branch employee who only knows the standard T4 mortgage product. They’ll ask for a Canadian credit score you don’t have, or insist on 35% down because they don’t know their own bank’s newcomer program. The result: declined applications, missed opportunities, and the false belief that you need to wait 5 years to buy. Newcomer programs exist precisely so you don’t have to wait — but you need a broker who knows the playbook.
All major Canadian lenders run Newcomer programs: RBC Newcomer Mortgage, Scotia StartRight, BMO NewStart, TD Newcomer, and National Bank Newcomer. Each has different rules around credit, employment, and down payment source. We know which program fits your immigration status, country of origin, employment story, and timing — including the lenders that accept international Equifax/TransUnion reports and the ones that don’t require any Canadian credit at all.
What you get
Why Canadians choose Mortgage Squad Advisors.
All 5 major bank Newcomer programs (RBC, Scotia StartRight, BMO NewStart, TD, National Bank) plus credit union options
International credit reports accepted (Equifax International, TransUnion International — coverage in 90+ countries)
Work-permit holder programs for SOWP (open work permits), PGWP (post-grad), and closed/employer-specific permits
50+ languages in-house: English, French, Punjabi, Urdu, Hindi, Arabic, Mandarin, Cantonese, Tagalog, Spanish, Russian, Polish, Bengali, more
Newcomer FHSA + RRSP HBP planning — open both accounts as soon as you become a tax resident
5% down for permanent residents on insured mortgages (CMHC, Sagen, Canada Guaranty)
International letter of employment accepted at certain lenders (transferring with your employer to Canada)
Down payment from abroad — we handle source-of-funds documentation and FINTRAC compliance
Alternative credit acceptable: rent history, utility bills, cell phone, Canadian insurance payment history
Maya AI translates documents and answers questions in your preferred language 24/7
Instant check · no credit pull
Which newcomer program fits you?
Status drives the program, the down payment, and whether foreign-buyer rules apply.
PR card, work permit type, employer letter, country of origin, landing date. 10-minute intake — we’ll tell you exactly which newcomer programs you qualify for and which lenders fit your file.
2
Build your file
We pull the right documentation: international credit report (Equifax/TransUnion International), alternative credit letters (rent, utilities, telecom, insurance), Canadian banking history (90+ days helps), employer confirmation, and proof of down payment source.
3
Match the program
Each lender’s newcomer program has different rules around credit, tenure, and permit type. We pair you with the most accommodating lender for your specific file — sometimes that’s a Big-6, sometimes a credit union, sometimes a specialty newcomer program at a monoline.
Every Big-bank runs a dedicated newcomer mortgage, and they are not interchangeable. Scotiabank StartRight is the most flexible on work permits and short Canadian tenure. RBC Newcomer is strong for permanent residents and those with a Canadian employment offer. BMO NewStart and TD's newcomer program both accept newcomers without established Canadian credit, with differences in down-payment and permit rules. National Bank's program is competitive in Quebec and for international professionals. Beyond the Big Five, several credit unions quietly offer some of the most accommodating newcomer terms — including lower down payments on work permits with strong income.
The difference between the right program and the wrong one is often the difference between 5% down and 35% down, or an approval versus a decline. Matching your immigration status, country of origin, employment story, and timing to the correct program is the entire game — and it's what we do every day.
Buying with no Canadian credit: the three accepted paths
A thin or empty Canadian credit file is the single most common reason newcomers are wrongly told to wait. There are three lender-accepted ways around it. (1) An international credit report — Equifax and TransUnion pull bureau data from 90+ countries, so your home-country history can carry the file. (2) Alternative credit — twelve months of on-time rent, utilities, telecom, and insurance payments, documented with letters or statements, can stand in for a bureau score. (3) Dedicated newcomer programs that don't require Canadian credit at all, relying instead on income, down payment, and status.
We'll tell you which path your situation supports — and how to start building a Canadian score in parallel (a secured card and one reporting tradeline can establish a usable history within months).
Permanent resident vs. work permit: how your status changes everything
Your immigration status drives your down payment, your program, and your tax exposure. Permanent residents are treated almost identically to long-term Canadians: as little as 5% down on insured mortgages, and — importantly — exempt from the Non-Resident Speculation Tax. Work-permit holders can absolutely buy, typically with 10–35% down depending on the lender and permit type; closed permits tied to an established Canadian employer are the easiest, open permits (SOWP) and post-grad permits (PGWP) need the more flexible programs.
If you're mid-transition — say, PR application in progress on a work permit — there are timing and rebate considerations worth planning around before you make an offer. We map your status to the program before you fall in love with a listing you can't yet finance.
Down payment from abroad: the 90-day rule and source-of-funds
Money arriving from outside Canada is completely acceptable — the paperwork is what trips people up. Two clean paths exist. The simplest: transfer your down payment into a Canadian account at least 90 days before closing, so the lender sees seasoned Canadian-dollar funds. The alternative, when 90 days isn't possible: document the international transfer trail — wire confirmations, originating account statements showing history, and a source-of-wealth letter explaining how the funds were earned or accumulated.
Either way there are FINTRAC anti-money-laundering requirements the lender must satisfy. We line up exactly what's needed up front, in your language, so a fully approved file doesn't stumble at the lawyer's office days before closing — the most avoidable and most heartbreaking way for a newcomer purchase to fall apart.
NRST and the rebate: what newcomers pay, and get back
The Non-Resident Speculation Tax applies to buyers who are neither Canadian citizens nor permanent residents purchasing in Ontario (25%) or British Columbia (20%). Permanent residents are exempt. Work-permit holders are generally subject to it — but Ontario offers a rebate if you become a permanent resident within four years of purchase and the home is your principal residence. That's a large sum to plan around, and the rebate has documentation and timing rules that are easy to miss.
We run the NRST math and rebate eligibility before you sign anything, so there are no five-figure surprises on closing and you keep the paper trail the rebate later requires.
FHSA and the Home Buyers' Plan: stacking your down payment from year one
The moment you become a Canadian tax resident — which most permanent residents and many tax-filing work-permit holders are — two of the best down-payment tools in the country open up. The First Home Savings Account lets you contribute up to $8,000/year ($40,000 lifetime), deduct it like an RRSP, and withdraw it tax-free for a first home like a TFSA. The RRSP Home Buyers' Plan adds up to $60,000. A couple can combine both across two people for a substantial tax-advantaged down payment.
Most newcomers don't hear about these until years in. Open the FHSA in your first tax year and the compounding head-start is real. We build the contribution and withdrawal timing into your purchase plan — in 50+ languages, so nothing is lost in translation.
“We moved to Canada 14 months ago and didn’t know how the mortgage system worked at all. Mortgage Squad Advisors explained everything in Punjabi, helped us understand FHSA, RRSP HBP, the stress test — all of it. They got us into our first Canadian home with 5% down. They felt like family.”
— Gurpreet & Mandeep S., Newcomers to Canada, Surrey BC
FAQ
Common questions, answered.
Don’t see yours? Ask Maya — instant answer, any time.
I’m a permanent resident. How much down payment do I need in Canada?
5% on the first $500,000 of purchase price, 10% on the portion from $500K to $1.5M, and 20% above $1.5M. The under-20% mortgage is insured by CMHC, Sagen, or Canada Guaranty (premium financed into the loan, typically 2.80-4.00% depending on LTV). Insured mortgages for PRs are priced identically to long-term Canadians at most lenders.
I’m on a work permit. Can I qualify for a mortgage?
Yes — typically 10-35% down depending on lender and permit type. Closed work permits with an established Canadian employer (12+ months) are easier than open permits (SOWP) or short-tenure files. Scotia StartRight is the most flexible on work permits; RBC and BMO Newcomer programs cover most other situations. Some credit unions offer 5-10% down on work permits with strong income.
I have no Canadian credit history. What are my options?
Three paths: (1) International Equifax or TransUnion International report — works for 90+ countries; (2) Alternative credit letters from your home country (mortgage payment history, telecom, utilities, insurance, rent); (3) Lender-specific Newcomer programs that don’t require any credit history (most Big-6 newcomer programs).
Can my down payment come from outside Canada?
Yes. Two acceptable paths: (a) Transfer funds to your Canadian bank account at least 90 days before closing (most lenders), or (b) Provide documented international transfer history — wire confirmations, originating account statements showing 90-day history, and a source-of-wealth letter explaining how funds were earned/accumulated. We coordinate FINTRAC compliance with the lender.
Do I need a Canadian co-signer or guarantor?
Not always — most major newcomer programs do NOT require one. A co-signer or guarantor may be required if: your work permit has under 12 months remaining, your employment tenure is under 6 months, your income is variable, or your file has multiple soft spots. We’ll tell you upfront if you need one.
What languages does Mortgage Squad Advisors speak?
In-house advisors speak English, French, Punjabi, Urdu, Hindi, Arabic, Mandarin, Cantonese, Tagalog, Spanish, Russian, Polish, Bengali, and more. Maya AI handles 50+ languages 24/7 including all of the above plus Tamil, Vietnamese, Korean, Farsi/Dari, Italian, Portuguese, and Turkish — useful for late-night questions in your preferred language.
How long after landing in Canada can I buy a home?
Day 1, technically — there’s no minimum residency for a mortgage. Practically, having 90 days of Canadian banking history makes underwriting much smoother because lenders can see your down payment in Canadian dollars. Many newcomer clients buy within 6-12 months of landing once they have employment and banking established.
What’s the FHSA and can I use it as a newcomer?
Yes — any Canadian tax resident (including permanent residents and many work-permit holders who file Canadian taxes) can open a First Home Savings Account. Contribute up to $8,000/year, $40,000 lifetime, fully tax-deductible like an RRSP, withdraw tax-free for a first home like a TFSA. The single best newcomer down-payment vehicle if you’re working in Canada.
Does my international employment count toward Canadian mortgage qualification?
At most major lenders, yes — if your employer transferred you to Canada or you have a confirmed Canadian employment offer, your overall employment tenure (including international time with the same employer) counts. Some lenders accept ‘qualifying experience’ from international work history in the same field even with a new Canadian employer. We know which lenders are flexible here.
What about NRST (Non-Resident Speculation Tax) — does it apply to me?
NRST applies to non-Canadian citizens AND non-permanent residents purchasing in Ontario or BC. Permanent residents are exempt. Work-permit holders are subject to NRST (25% in Ontario) BUT there’s a rebate program if you become a PR within 4 years and live in the home as your principal residence. We explain the math and rebate eligibility before you sign anything.
