Scotiabank Mortgages, Explained
Scotiabank is one of Canada’s Big Six banks, best known in the broker world for the Scotia Total Equity Plan (STEP) — a re-advanceable mortgage-and-HELOC plan. STEP offers real flexibility, but it changes how switching lenders works at renewal. Here’s the honest picture, and how we get you Scotia’s best pricing (or a lender that beats it).
Scotiabank’s 5-year fixed posted rate over time
Posted rates are the bank’s “sticker price” — the figure used to advertise and, on some products, to calculate penalties. They sit well above what you actually pay once a broker applies the discount. Here’s how Scotiabank’s posted 5-year fixed has moved:
The takeaway isn’t the exact number — it’s the gap between posted and brokered. Ask us for today’s discounted Scotiabank rate before you accept a branch quote.
Who is Scotiabank?
Scotiabank is one of Canada’s largest banks, serving millions of customers across the country and internationally. For mortgages, brokers access Scotiabank through Scotia Mortgage Authority (SMA) — Scotiabank’s dedicated broker channel — so you can get Scotiabank’s products and pricing while we compare them to every other lender at the same time. Scotiabank mortgages also come with standard features like prepayment privileges and a rate hold while your application is underway, plus eHOME, Scotia’s digital application tool.
Scotiabank’s mortgage line-up
| Product | What it is | Best for |
|---|---|---|
| Fixed-rate mortgage | Rate locked for the whole term | Predictable payments and peace of mind |
| Variable-rate mortgage (FLEX VRM) | Rate moves with Scotiabank’s prime rate | Flexibility and betting that rates ease |
| Scotia Total Equity Plan (STEP) | A collateral, re-advanceable plan bundling your mortgage with a HELOC (and other credit) under one registration | Tapping equity for renovations, investing or debt consolidation |
| High-ratio (insured) | Less than 20% down, with mortgage insurance | First-time buyers with a smaller down payment |
What is the Scotia Total Equity Plan (STEP)?
STEP bundles your mortgage with a home equity line of credit — and can include other credit products — under a single collateral-charge registration. As you pay down the mortgage portion, you can re-borrow against your available equity without reapplying or refinancing, and Scotiabank can register the charge for more than your mortgage amount to make that future borrowing easier.
That flexibility comes with a trade-off familiar to any collateral-charge product: STEP usually can’t be simply “switched” to a new lender at renewal. Moving it typically means a discharge and legal fees, since the registration can secure more than just your mortgage. None of this is a deal-breaker — it just needs to be a decision, not a surprise. We’ll walk you through exactly what you’re signing before you commit.
How a Calgary mortgage broker helps with Scotiabank
- We secure Scotiabank’s discounted pricing through Scotia Mortgage Authority (SMA) — not just the branch quote — and hold your rate while you shop.
- We weigh STEP’s collateral-charge flexibility against standard-charge lenders so you don’t get locked in by accident.
- We use Scotiabank’s rate hold and eHOME digital application to move your file quickly, without missing a better option elsewhere.
- We put Scotiabank head-to-head with 30+ banks and monolines on rate and penalty structure.
- It’s free, with no credit hit to start and no obligation.
Mortgage Application
Get Scotiabank’s best rate — and the alternatives — in one place
- 2-minute form
- No credit check to start
- Bank-level encryption
- No obligation
Frequently asked questions
What is the Scotia Total Equity Plan (STEP)?
Is a Scotiabank STEP mortgage a collateral charge?
What is Scotia Mortgage Authority (SMA)?
Can I get a better rate on a Scotiabank mortgage through a broker?
Can I switch away from Scotiabank STEP at renewal?
Thinking about a Scotiabank mortgage? Let’s pressure-test it
We’ll get you Scotiabank’s best pricing and show you what every other lender would do — then you decide. Apply online in about two minutes, or book a no-pressure discovery call.
Free · No credit check to start · No obligationThis article is general information, not financial, mortgage or legal advice. Lender products, rates, features and penalty structures vary, are subject to change and depend on lender approval. Scotiabank is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.