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There are two ways to qualify for a Deposit Power Guarantee
To obtain approval for a Purchase Power Deposit Guarantee Pensio will review your application, you will need to demonstrate that you will have the funds to pay the full purchase price for the property when it comes time to close
You may have a home-buying mortgage pre-approval from a lender, or have money tied up in a fixed-term deposit or in other investments. You will need to show the evidence or you can use a parent or sibling as a co-guarantor who can demonstrate they own a home with sufficient equity, or the co-guarantor has sufficent investments to support their guarantee for you.
Home Equity Option
To obtain approval if you or your co-guarantor are a homeowner you or your co-guarantor will need to have sufficient equity in your residential property.
For Purchase Power Deposit Guarantees of up to $100,000, you and your co-guarantor need to have a minimum of 1.5 times the Purchase Power Deposit Guarantee amount in home equity.
For Purchase Power Deposit Guarantees above $100,000 you and your co-guarantor need to have a minimum of 2 times the Purchase Power Deposit Guarantee amount in home equity.
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