Hello,

I am planning to sponsor my brother-in-law for his higher studies in Australia. For this we are required to produce documents which include a sponsorship declaration on "Canadian stamp paper" showing proof of funds (we are PR holders of Canada, brother in law is in India.) He may never actually be using this fund since he is taking a loan from an Indian bank. This is just a formality document required for the visa process. Wondering would this have any impact on our home purchase (planning to buy a home in the next couple of months)? Does this also mean that we have to set aside the fund?
Any other do's and don't that I need to be aware of....

Thanks in advance.

Hi,

There is no impact of your sponsoring any relative to anywhere for your home buying in Canada. Your credit score/history, income, down payment and its source, total debts and employment (history) are the main contributors to the decision for the banks to lend money to buy the property.

And if you are considering buying a property in very near future, please contact your bank or a mortgage broker to obtain rate & amount commitment. Mortgage rates are trending upwards and continue to go up (most likely) for some time.

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