Can I use a student line of credit for down payment?

[Stephanie Blouin]

I would like to buy a rental property soon but because I won't be living in it I have to put 20% down. I don't have enough capital for that, I was wondering if I can use my student line of credit for the $5000-$10000 missing. Does anyone know or is there something similar that I can look into?

Thank you!

[Devin Solberg]

@Stephanie Blouin

The answer is yes and no. You can use the funds, but the bank or CMHC won’t let you. Best thing would be is to advance all the funds to a separate savings account at least 3 months in advance beforehand, as that’s what they’ll likely ask you to provide for proof of downpayment. Just a little jump around the system. Message me if you’d like to discuss further!