Student line of credit, rent in Toronto - 2nd yr uni (business admin) student in fall
Background:
Around 3k per month gross income currently but will be working closer to 3.8k gross beginning in fall. Previous year income totalling around 35k. 5 yr clean credit history and employed continuously since 16 yo.
Situation:
I need to move into a city of Toronto (Ontario) apartment and would need to take out a student line of credit to cover shortfalls and provide a fallback for expenses. Moving out is a necessity in this situation and estimated rent would be around 2300 all in. (Im looking for a 1 bed, something good enough which I can continue to rent/lease after graduating)
I estimate that in a worst case scenario my SLOC draw would hit 35k principal by end of studies. I am also taking out osap which will clearly be around 65k in loans (with new rules etc accounted for) by the end of school. My current osap debt is 10k. Credit card debt only around 100 but I have only 2 cards with small limits I’ve never increased (3k total combined limit). Credit has always been paid clean.
Ask:
Im looking to get approved for the SLOC without co-signor, and also looking to get approved for rental without guarantor (although this could possibly be arranged for the rent/lease with parents).
What are my odds of it going smoothly (SLOC & Rent applications)? Which bank usually offers the best package here in this case? Im scheduling appointments in a month to meet with all the major banks. Rental application suggestions would be appreciated. Thanks in advance
Edit to include province and edited for accurate salary