With the rates fluctuating in 2023, lenders are doing their best to deliver competitive rates to their clients. Scotiabank didn't fall behind on that run and developed an entirely new concept of rates to benefit the borrowers.

Valid from August 8th, 2023, the institution created the bundled and non-bundled rates. The terms are 1, 2, 3, 4, 5, 7 and 10 years and only 5-year term with variable option. All of them have a 120-day rate hold. For rental properties, please add 35 bps to the regular rate. They are divided into three categories as well: insured, conventional 25 amortization and conventional 25+ year amortization. To clarify, on Spotlight we are displaying these rates as 30-year amortization.

What is the bundled option?

According to the policy of Scotiabank, the key requirement for Bundled Rate is that customers must have or open a Scotiabank day-to-day account, which must be used as their mortgage payment PAD account. For new-to-Scotiabank, customers must select one supplementary Scotiabank product in addition to the mortgage and their day-to-day account. This excludes other mortgages / HELOC products. The mortgage must be in a STEP, and mortgages must be in a STEP to be eligible for bundled pricing.

What about the non-bundled option?

For all the borrowers that are new Scotiabank clients (without a day-to-day account or without a supplementary Scotiabank product), the non-bundled rates apply. Please note that terms, rate hold and amortization are the same. In both categories, the rates are subject to change at any time, and we will update you as soon as we receive them.

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