Switch to Scotiabank program¹

All mortgages are subject to meeting Scotiabank's standard credit criteria residential mortgage standards and maximum permitted loan amounts.

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Some conditions may apply. Offers only available on transfers of existing mortgages from another lender or financial institution to The Bank of Nova Scotia. Prepayment charges with your existing lender may be applicable if the mortgage has not reached the maturity date. This program can be changed or withdrawn at any time without notice and may not be combined with any other discounts, offers or promotions.

The minimum mortgage amount is $100,000 and the new mortgage must be set up as a closed fixed rate mortgage with a 3 year term or greater or, a closed variable rate mortgage with a 5 year term. Scotiabank will pay a maximum of $800 to the appropriate service provider to cover mortgage closing costs for services ordered directly or approved by Scotiabank. This amount will be treated as cashback and will be repayable to Scotiabank if the mortgage is assumed, paid out, transferred, or renewed prior to the expiry of the mortgage term. The cashback amount may appear as an additional charge payable in any discharge or renewal statement, and will be calculated on an even prorated basis using a standard formula. Scotiabank will also cover up to a maximum of $400 towards any discharge or assignment fee (other than any prepayment charges) charged by the other financial institution in connection with the mortgage transfer (not applicable in Quebec or through eHOME online application). The mortgage must be funded within 120 days of the application date.

Subject to meeting Scotiabank's standard credit criteria residential mortgage standards and maximum permitted loan amounts.  A new application may be required to add or change products under the STEP in some circumstances and if you request a change to the credit limits of your products, you may be asked to provide updated information and/or submit a new application.  In some cases, a new mortgage registration may be required. Not all mortgage solutions may be eligible to be included as part of STEP.  Additional restrictions and conditions may apply.

The credit limit increase will be applied as long as the designated ScotiaLine account has not reached the STEP maximum borrowing limit or the maximum allowable credit limit for that account and the total of all revolving credit accounts under the STEP has not reached 65% of the home’s value.  Other terms and conditions apply.

The minimum mortgage amount is $100,000 and the new mortgage must be set up as a closed fixed rate mortgage with a term between 2 and 5 years or, a closed variable rate mortgage with a 5 year term. Scotiabank will pay $500 to help cover your switch costs.  The application must be for a home that you ordinarily occupy as your residence. This amount will be deposited to the account you designate for collection of your mortgage payments within 5 business days of your mortgage closing date.  This amount will be treated as cashback and will be repayable to Scotiabank if the mortgage is assumed, paid out, transferred, or renewed prior to the expiry of the mortgage term. The cashback amount may appear as an additional charge payable in any discharge or renewal statement and will be calculated on an even prorated basis using a standard formula. The mortgage must be funded within 90 days of the application date. This offer is not available in Quebec.

No monthly account fees for a year offer conditions: To qualify for a monthly account fee waiver on a new Preferred or Ultimate Package for up to 1 year (the “Offer”), you must:

1. (i) Open a new or transfer an existing Eligible Mortgage (as defined below), which is funded on or after  August 1, 2024 or (ii) renew your existing Scotiabank Eligible Mortgage on or after August 1, 2024;
2. Open a new Ultimate Package or Preferred Package (each a “Package”) after August 1st, 2024 and within 120 days before or after funding/renewal date, as applicable; and
3. Within 60 days of Package opening and Eligible Mortgage funding/renewal (whichever occurs later), set up recurring Pre-Authorized Debit (PAD) mortgage payments from the new Ultimate Package or Preferred Package.
4. The monthly Package account fee waiver will begin immediately upon the later of Package opening and Eligible Mortgage funding/renewal and will continue for as long as the PAD mortgage payment for the Eligible Mortgage continues to be withdrawn from the Package, up to a maximum of 1 year. All other applicable service charges on the Package will continue to be applied.

The Offer is only available on eligible new Scotiabank residential mortgages, transfers of existing eligible residential mortgages from another lender or financial institution to The Bank of Nova Scotia, and renewals of existing eligible residential Scotiabank mortgages. The minimum mortgage amount must be $100,000 and the mortgage must be set up as a residential closed term mortgage with a term of at least 1 year (each an “Eligible Mortgage”). Refinancings and applications for increases to existing Scotiabank mortgage amounts are excluded from this Offer. All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts. If transferring an existing Eligible Mortgage, prepayment charges with your current lender may be applicable if the mortgage has not reached its maturity date.

 

To qualify, the primary borrower or any co-borrower(s) of the Eligible Mortgage must not be current holders of a Scotiabank Chequing Account (as defined below) or be previous holders of a Scotiabank Chequing Account within the last two (2) years. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. Employees of Scotiabank are also not eligible for the Offers. This Offer may be changed, withdrawn, suspended or extended any time without notice.