Scotiabank Mortgage Rates Ontario & Full Lender Review

*Scotiabank reserves exclusive rights for pricing its rates on an individual basis, and these rates do not represent a formal rate quote from the Bank. Your actual approval rate could be higher or lower. Mortgage rates are subject to change and available OAC.*

 Scotiabank Fixed Rates and Variable Rates

These current Scotiabank mortgage rates Ontario are the lowest rates seen advertised…

Scotiabank Main Branch Locations in Ontario

Scotiabank Mortgage Review (2025): Tech-Savvy Flexibility with a Big-Bank Twist

Scotiabank — the “international” Big 5 bank — takes a slightly different approach to mortgages than its peers. With an emphasis on digital innovation, flexible borrowing structures, and niche programs for professionals, Scotiabank positions itself as the most forward-thinking of the big banks.

But does that translate into a better mortgage experience for Canadians? Let’s dig into the unique programs, real-world pros and cons, and what type of borrower Scotiabank really fits best.

Unique Scotiabank Mortgage Programs

Scotia Total Equity Plan (STEP)

The Scotia Total Equity Plan (STEP) is Scotiabank’s crown jewel. It’s a multi-component mortgage and home equity line of credit (HELOC) structure — essentially a do-it-all borrowing account tied to your property’s equity.

You can mix and match:

• A fixed-rate mortgage piece for stability,
• A variable-rate portion for flexibility,
• And an open HELOC component for cash flow or investment opportunities.

The STEP allows you to re-borrow equity without breaking your mortgage term — handy for renovations, debt consolidation, or buying a second property.

Advantages:

• Exceptionally flexible for long-term borrowing and investing strategies.
• Easy to add or reallocate funds within the plan.

Disadvantages:

• Slightly higher setup costs, and rates on the HELOC side are usually above broker-channel equivalents.
• Because the mortgage and line are registered together under a collateral charge, switching lenders later can be more expensive.

New Physician Mortgage Program

One of Scotiabank’s niche strengths is its New Physician Program, aimed at doctors just starting their careers. Since many new doctors can’t show two years of stable income, this program can approve a mortgage earlier — sometimes right out of residency — with 20% down and a strong employment contract.

The upside: Tailored to high-earning professionals with limited income history.
The caveat: Availability and details vary, and documentation requirements remain strict.

eHome Online Mortgage Hub

Scotiabank’s eHome platform deserves credit for being the first fully digital mortgage experience offered by a major Canadian bank. You can apply, upload documents, and even close your mortgage online — no branch visits required.

From time to time, Scotiabank has offered rate discounts through the eHome channel, rewarding borrowers willing to handle most steps digitally.

Pros: Fast, convenient, transparent digital process with live human support when needed.
Cons: It’s not ideal for complex files or self-employed borrowers — those cases usually require the traditional underwriting route.

Scotiabank Mortgage Types

Purchase

Scotiabank mortgages cover everything from first-time buyers to luxury properties. The bank’s size and reputation make it a safe, mainstream choice — and it partners with brokers like Altrua Financial for those who prefer independent advice.

Good to know: While Scotia offers in-branch service, its broker-channel rates often differ — sometimes more competitive, depending on the program.

Renewal

Renewing with Scotiabank is easy, especially for existing clients. You’ll typically get mailed renewal options that can be accepted online or at a branch.

Tip: Don’t just sign the renewal letter — negotiate. Scotia is usually willing to match market rates if you come prepared with competing quotes.

Refinance

Need to tap into equity for debt consolidation, renovations, or investment? Scotia’s STEP structure shines here. It allows you to refinance without starting from scratch, and you can extend the amortization to lower payments.

Drawback: As with all big banks, Scotia’s refinance qualification rules follow federal stress-test guidelines — meaning you’ll still need to qualify at the benchmark rate.

High-Net-Worth Program

Scotiabank has one of the more flexible “net-worth lending” programs among the major banks. If you have substantial liquid assets — say, RRSPs, non-registered investments, or cash reserves totaling 1–2× the mortgage amount — the bank may consider that in place of high income.

Why it matters: Great for retirees or professionals with strong balance sheets but lower reported income.
But: Expect a detailed financial review and no guarantees — underwriting is case-by-case.

Scotiabank Mortgage Pros and Cons

Bottom Line: Scotiabank Mortgages in 2025

Scotiabank strikes a middle ground between traditional big-bank service and modern flexibility. Its STEP program and digital eHome platform give borrowers more control than most of the Big 5, while its physician and high-net-worth programs cater to specialized niches.

But it’s not a one-size-fits-all solution. The STEP’s collateral registration can make switching down the road harder, and the best rates are often hidden behind negotiation or broker-only channels.

Think of Scotiabank as the tech-friendly Big Bank — great if you want a flexible, long-term borrowing structure and prefer a brand-name lender behind it.

Verdict:

Best for: Long-term homeowners, investors, professionals, and digital-first borrowers.

Not ideal for: Those planning to switch lenders often or chasing the absolute lowest rate.