Bank of Nova Scotia Mortgage Rates 2026
Scotiabank's flagship mortgage product is the Scotia Total Equity Plan (STEP), a readvanceable mortgage that combines a traditional mortgage with a HELOC. As you pay down your principal, your available HELOC credit increases, giving you automatic access to your growing equity. This makes Scotiabank an excellent choice for homeowners who want ongoing access to their equity.
Current Scotiabank Mortgage Rates
Rates are indicative and change frequently. Contact Scotiabank or a broker for a current rate quote with your specific details.
Fixed Rate Mortgages
Variable Rate Mortgages
Pros & Cons
Pros
- STEP readvanceable mortgage — automatic equity access as you pay down
- Competitive prepayment privileges (15%)
- Strong HELOC product integrated with mortgage
- Good rates for insured mortgages
- International banking for global clients
Cons
- —STEP product is complex — requires a lawyer to discharge on sale
- —Customer service scores are mixed compared to RBC
- —Not always the cheapest rate for uninsured mortgages
Scotiabank Mortgage FAQs
What is the Scotiabank STEP mortgage?
The Scotia Total Equity Plan (STEP) is a readvanceable mortgage that combines one or more mortgages with a HELOC. As you pay down the mortgage, your HELOC limit automatically increases, giving you access to your growing equity without reapplying.
Is STEP a good mortgage product?
STEP is excellent for homeowners who want ongoing access to their equity for renovations, investments, or emergencies. However, it requires a collateral charge, which means switching lenders at renewal requires a full requalification and legal fees.
What are Scotiabank prepayment privileges?
Scotiabank allows up to 15% of the original mortgage amount as a lump-sum annually, plus the option to increase regular payments by up to 15% per year.