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Home Rent Bank
Sources Rent Bank

What does the Sources Rent Bank offer?

We offer a short term funding source that is available to families and individuals who are at risk for home eviction due to lack of, or shortage of, a monthly rent payment, utility arrears, damage deposit or other circumstance.  In addition we provide low income individuals with the tools to better manage their limited financial resources.


What are the Sources Rent Bank requirements for applicants?

The Sources Rent Bank requires that possible applicants…

  • Are low-income (see guidelines below)
  • Are nineteen years of age or older
  • Have a bank account
  • Have no un-discharged bankruptcies
  • Have a sincere reason for any delinquency in loan payments
  • Have (will have) a consistent source of income
  • Are not able to access any other form of government financial assistance
  • Have rental costs that do not exceed ongoing ability to pay the rent
  • Currently reside or will reside in Surrey, Delta, White Rock, New Westminster or Langley at the rental property for which the loan is issued

How do I apply for loans from the Sources Rent Bank?

If you meet the requirements you then fill out the “Sources Rent Bank – “Pre-Assessment Form” on this website and submit via email or by fax to 604.596.2319 ATTENTION SOURCES RENT BANK.  You may also call 604.547.0123 or you can also visit our Sources Rent Bank office to obtain these forms if you do not have access to a computer. 

When should you contact a member of the Sources Rent Bank?

If you have concerns about your ability to pay your rent or relevant utility bills, then that would be a good time to call a member of our Sources Rent Bank team at 604.547.0123. If you find that you have not been able to meet your required payments on time, we will be happy to discuss possible solutions that will help you through this difficult time. We are open 3 days/wk and will get back to you on the next working day.


How do I make an appointment with the Sources Rent Bank?

Simply call a member of our Sources Rent Bank team at [604-596-2311ext 123 or 604.547.0123] and we will be happy to schedule an appointment at your earliest convenience.


How do I know if I am low come?

Low income is defined as follows:

  • 1 person-$21,202
  • 2 people-$26,396
  • 3 people-$32,450
  • 4 people-$39,399
  • 5 people-$44,685
  • 6 people-$50,397
  • 7 people-$56,110

How do I pay back the loan?

The loan will be paid back over a 2 year period. The interest on the loan is currently 4% (prime plus 1.5%). Upon complete repayment of the loan and attending 2 financial literacy workshops the interest accrued on the loan will be reimbursed to you.

Loan repayment amounts:

A loan of $500 will require a monthly payment of approximately $20/month

A loan of $100 will require a monthly repayment of approximately $4.35/month

A loan of $1,200 will require a monthly repayment of approximately $52/month

Monthly payments are automatically withdrawn from your bank account.


Rent Bank Sponsors

Vancity

Envision


Newton Resource Centre - Sources Rent Bank

Hours of Operation:  3 days/wk.

#102-13771 72A Ave
Surrey, B.C. V3W 9C6

T: 604.596.2311
F: 604.596.2319

Email: Judy Peterson