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Scotiabank Mortgages review

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Scotiabank Mortgages
Interest Rate (APR)
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Find the right mortgage package for your needs and lock in favorable rates with a mortgage from Scotiabank.

Scotiabank offers customers the flexibility to manage their mortgage rate by allowing customers to choose their mortgage type and terms (fixed and variable rates).

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Scotiabank, one of the Big Five banks in Canada, offers a variety of different and flexible mortgage packages. While any customer can purchase a standard fixed rate or variable rate mortgage, Scotiabank offers its own unique program called the Scotia Total Equity Plan (STEP).

This plan enables Scotiabank customers to borrow up to 80% of the value of their future home. By doing so, Scotiabank offers customers the flexibility to manage their mortgage rate. In other words, customers can choose their mortgage type and terms. The benefit of the STEP program is that it gives customers control over borrowing money by leveraging the equity in their home.

How does a Scotiabank Mortgages work?

Scotiabank offers a mix of conventional and unique mortgage plans. STEP is an example of one of its unique offerings. Among the more conventional packages are fixed and variable rate plans.

How much will a Scotiabank mortgage cost?

Since Scotiabank offers a lot of mortgage types, the cost depends on which product you have. Below is a summary of the products available and the Scotiabank mortgage rates:

TermRateFixed rate vs. Variable rateOpen vs. Closed
3 year term8.6%Variable rateClosed
5 year term7.65%Variable rateClosed
5 year term10.4%Variable rateOpen
1 year term7.84%Fixed rateClosed
2 year term7.44%Fixed rateClosed
3 year term7.04%Fixed rateClosed
4 year term6.84%Fixed rateClosed
5 year term6.89%Fixed rateClosed
7 year term7.1%Fixed rateClosed
10 year term7.59%Fixed rateClosed
6 month term9.75%Fixed rateOpen
1 year term9.75%Fixed rateOpen

How do Scotiabank mortgage rates compare to other big banks?

A commonly chosen option is a five year, fixed rate mortgage. Below is the Scotiabank 5 year fixed mortgage rate along with the other big banks rates for the same products:


What makes Scotiabank unique?

Scotiabank has its own tailored mortgage plan in addition to the conventional mortgage offerings. The Scotia Total Equity Plan (STEP) allows customers to borrow funds to pay off their mortgage. Borrowers under this plan are also able to manage their interest rate and choose between a fixed or variable rate.

Another unique feature of Scotiabank mortgages is that they have a Switch to Scotiabank Program. This incentivizes customers to switch over to a Scotiabank mortgage by offering to cover a portion of the transfer or discharge fee associated with leaving a mortgage provider.

What are the benefits of getting a mortgage through Scotiabank?

  • Reputation. Scotiabank is one of the Big Five banks in Canada and you can expect a high level of professionalism, knowledge and expertise when it comes to its offerings.
  • Special programs. Scotiabank actively seeks to make its mortgage plans accessible to everyone by offering special programs which include mortgage plans for temporary residents.
  • Incentives for switching mortgages. With the Switch to Scotiabank Program, Scotiabank covers the transfer or discharge fees from leaving another provider to join Scotiabank.
  • Accessibility. As one of the largest banks in Canada, Scotiabank has branch locations scattered all throughout the country and it is simple to book a mortgage appointment at your nearest branch location.

What to watch out for

  • Lack of special rate offers. Many mortgage providers offer their own special offers which are highlighted by a discounted interest rate. However, Scotiabank does not have this. Plus, the Scotiabank mortgage rates are higher than all other big banks.
  • Getting in touch. A lot of the information on the Scotiabank website is unavailable or inaccessible such as finding out about special offers, inquiring about special rates or asking any questions in particular (no FAQ on website). For this, you’re required to get in touch with Scotiabank by calling it or visiting a branch, which can be a tedious process to go through.

Do I qualify for a Scotiabank?

Eligibility requirements

  • Be the age of majority in your province or territory
  • Be a resident or citizen of Canada

Required documents and information

  • Personal information. You’ll be asked to provide personal information to verify your identity. Government issued ID, date of birth, email, current address and phone number are common requests.
  • Proof of income. Scotiabank will request that you verify your income through pay stubs and letters of employment.
  • Credit report. You will be asked to provide consent to Scotiabank to pull your credit report.
  • Other financial information. You may be asked to provide additional documentation related to other aspects of your finances, such as debts and assets.

How to apply

If you’re ready to apply for a Scotiabank mortgage, follow the below steps:

  1. Visit Scotiabank’s website and navigate to the mortgages page
  2. Find the mortgage you’d like to apply for
  3. Once on the page, click Apply today
  4. Complete the application, review and submit

Scotiabank has introduced a new feature called eHOME. This online portal allows you to get pre-approved, shop for homes and secure financing from Scotiabank. The feature is meant to streamline the mortgage process for borrowers. You have the option to apply for a Scotiabank mortgage or pre-approval through eHOME too.

Compare other mortgage lenders

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Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
Neo Mortgage
5-year fixed rate
Not available in Quebec
Get a new mortgage, refinance or renew in just minutes. 100% online.
Homewise Mortgages
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
BMO Mortgages
5 Year Fixed Rate
All of Canada
Get up to $4,000 cash back with a new BMO fixed or variable rate closed term mortgage or Homeowner ReadiLine. Ends June 30, 2024.

Bottom line

With a selection of conventional and unique mortgage plans, Scotiabank gives Canadians a flexible way to pay down their mortgage and gives others who are unhappy with their current mortgage provider a cash incentive to switch over to a Scotiabank mortgage.

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